Economy

U.S. private sector employment rises more than expected in October - ADP

U.S. private sector employment rises more than expected in October - ADP”

Data from payroll processor ADP showed non-farm private employment grew by 235,000 in the month versus market expectations for 200,000 additions.

The number of private-sector jobs created in October rose more than expected, with construction jobs surging in the wake of destructive hurricanes Harvey and Irma.

The service sector accounted for the bulk of the job creation, adding 150,000 jobs.

Small businesses with fewer than 50 employees added 79,000 positions, while medium business with between 50 and 499 employees added 66,000 jobs.

U.S. non-farm payrolls declined by 33,000 in September due to the impact of hurricanes Harvey and Irma, marking the first fall in the employment measure since 2010.

Zandi said the government's jobs readings in September and October would show larger swings than those from ADP because it uses a different method to count workers affected by the storms. "Looking through the hurricane-created volatility, job growth is robust".

The ADP National Employment Report said private employers hired 235,000 workers last month, exceeding a median forecast of 200,000 among economists polled by Reuters.



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