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"The recent trend in private employment is probably below a pace"
- Joel Prakken, chairman at Macroeconomic Advisers
Number of Americans, who have found a job in October decreased to 110 thousand from 116 thousand the previous month, the ADP Employer Services said on Wednesday. Economists expected the figure to decline to 102 thousand.
"The recent trend in private employment is probably below a pace consistent with a stable unemployment rate and reflects the sluggish pace of GDP growth exhibited earlier this year," said Joel Prakken, chairman at Macroeconomic Advisers. "This sort of number is consistent at best with I'd say holding the unemployment rate constant."
"The good news is that employment growth appears stable, but the bad news is that gains of 100,000 or slightly less a month won't be sufficient to reduce the unemployment rate or generate a pickup in income growth," wrote Paul Ashworth, chief U.S. economist at Capital Economics, in a research note.