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Private employers added 230,000 jobs in October

Private-sector employers added 230,000 jobs October, a sign of the labor market’s improving health. 

The economy added jobs at a faster pace last month, up from 225,000 in September, according to ADP's national employment report released Wednesday.

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Mark Zandi, chief economist of Moody’s Analytics, said the job market is steadily picking up pace, and unemployment and underemployment are quickly declining.

"The job market will soon be tight enough to support a meaningful acceleration in wage growth," he said. 

Zandi expects the labor market to reach full employment just in time for the 2016 elections.

The government will release its monthly report on Friday. 

Construction firms added 28,000 jobs, while manufacturers tacked on 15,000.

Payrolls for businesses with 49 or fewer employees increased by 102,000 jobs in October, up from 93,000 in September.

Jobs growth rose dramatically for medium-sized firms — those companies with between 50 and 499 employees — increasing by 122,000, more than twice September’s 47,000.

Meanwhile, employment at large companies — those with 500 or more employees — saw a big drop to 5,000 jobs in October from 85,000 in September.

Companies with 500 to 999 employees added 14,000 jobs, up from September’s 8,000.

However, that increase was offset by the loss of 8,000 jobs by companies with more than 1,000 employees.