ADP Employment Report Disappoints With 147,000 Private Sector Jobs

ADP's proprietary private payrolls jobs report gives a monthly gain of 147,000 private sector jobs for October 2016.  The reason was a loss of 15,000 construction jobs as well as manufacturing and education.  September's ADP report was revised upward significantly, from 154,000 to 202,000.  Overall, it is possible this report indicates the pace of job growth is slowing, rarely a good thing.