Private Payrolls Hit three-Month High
Led by small employers, non-farm private payrolls grew by 106,000 new jobs in October, the highest increase since June, ADP reported Wednesday.
Businesses with fewer than 50 employees added 63,000 new jobs, while midsize businesses added 50,000 and larger firms shed 7,000.
The growing impact of the mortgage market crisis caused employment declines in the residential construction and financial sectors, which cut a combined 17,000 jobs in October.
Overall, employment gains by service-sector businesses offset losses by goods-producers, the report said.