The US private sector creates new jobs at slower pace in October. The private companies outside agriculture added 147,000 new jobs, while economists expected higher value in range of 165,000. Except being weaker than expected, the reading of the data shows the lowest level of payroll employees in the private sector in five months.
Most new jobs were created by the largest companies in the private sector (64,000), followed by medium companies (48,000) and small companies (34,000). The services sector remains leading for the US economy and has created 165,000 new jobs in October. In the manufacturing sector the number of positions declined by 18,000 for the tenth consecutive month of the year.
The growth of new jobs remains strong, although its speed to slow. However, there is a delay in construction, education and mining sectors. The investors will monitor the official data from the Ministry of Labor for US employment in October.
The new jobs are a key indicator of the labor market, which is major factor in making monetary policy decisions by the Fed.
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