ADP jobs up 571K in October, beating estimates for 400K

• ADP Jobs Report: +571K vs. +400K consensus and +568K prior (unrevised).
• Goods producing sector added 113K jobs, while service producing sector added 458K jobs.
• “The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly 5 million job gains this year,” said Nela Richardson, chief economist, ADP.
• “Service sector providers led the increase and the goods sector gains were broad based, reporting the strongest reading of the year. Large companies fueled the stronger recovery in October, marking the second straight month of impressive growth.” Mark Zandi, chief economist of Moody’s Analytics, said,
• “The job market is revving back up as the Deltawave of the pandemic winds down. Job gains are accelerating across all industries, and especially among large companies. As long as the pandemic remains contained, more big job gains are likely in coming months.”