Private Jobs Report: US Lost 9K Jobs in October
As President Trump declares a “golden age,” private employment declined. Without the official BLS data, private job reports provide insight, such as the recent one from Revelio Labs.
Revelio Labs Job Creation Report
Revelio Labs tracks total US employment, both public and private, using individual-level data from online professional profiles. The monthly change approximates the number of jobs added or lost.
“Non-farm employment measures the total employment in the US (public and private) leveraging individual level data collected from online professional profiles. The monthly change in this total employment is a proxy for number of jobs added in the economy during the month. In October, the US economy lost 9 thousand jobs, predominantly driven by employment losses in the government sector.”
The decline largely resulted from a 22,000-job drop in government employment. Other sectors faced notable losses as well:
- Retail trade: down 8,500 jobs
- Manufacturing: down 5,200 jobs
Contrasting ADP October Report
In comparison, ADP reported a modest increase of 42,000 private-sector jobs in October. ADP’s chief economist described this as another month of tepid hiring:
“Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year. Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced.”
ADP also noted that job gains were concentrated in education and health care, and trade, transportation, and utilities sectors.
Summary: Despite claims of economic prosperity, private employment fell in October, driven mainly by government job losses, while other reports show only modest hiring gains in key sectors.