Good News Out Of ADP Employment Report

The ADP Employment Report for October reports that employment increased by 110,000 last month, fueled by growth at small and medium size businesses (up to 499 workers). Growth was strong in the service sector, with last month marking the 20th straight month of employment gains.

Also out today is a report from outplacement firm Challenger, Gray, and Christmas which says that layoffs last month fell to 42,759, a 63% drop from September and the lowest level since June.

From January to October 2011, employers have announced just over half a million (521.823) job cuts, or 16 percent more than the 449,258 cuts announced between January and October 2010. But in 2009, layoffs had reached 1.2 million, the company said in a release.