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Report: 230,000 private-sector jobs added in October

Professional and business services led the way as the private sector added 230,000 jobs in October.

By Frances Burns
Mark Zandi, chief economist for Moody's Analytics. UPI/Kevin Dietsch
Mark Zandi, chief economist for Moody's Analytics. UPI/Kevin Dietsch | License Photo

WASHINGTON, Nov. 5 (UPI) -- U.S. companies added 230,000 jobs in October, most of them at small or mid-size companies, the payroll firm ADP reported Wednesday.

Almost one-quarter, 53,000, of the new jobs were in professional and business services, followed by trade, transportation and utilities with 47,000. Only 5,000 of the jobs were at large companies with 122,000 at mid-size ones and 102,000 at small businesses.

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"The job market is steadily picking up pace," said Mark Zandi, chief economist at Moody's Analytics, which helps compile the report. "Job growth is strong and broad-based across industries and company sizes."

Zandi predicted that the economy would be at full employment by late 2016. He suggested that job growth would soon be strong enough for wages to start rising.

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