US private payrolls rise in October, ADP says
The US private sector added 86,000 jobs in October, according to the ADP National Employment Report released on Wednesday. This follows a similarly revised 86,000 increase in September. Economists surveyed by Reuters had anticipated a gain of 69,000 jobs after a reported 90,000 in September. The ADP report, a joint effort with the Stanford Digital Economy Lab, was published ahead of the Bureau of Labor Statistics' (BLS) more detailed employment report for October, set to be released on Friday.
Despite the ongoing US-Israeli conflict with Iran, causing uncertainty, the labor market continues to strengthen. As of September, there were 1.06 job openings for every unemployed person, an improvement from 1.02 in August. The BLS is expected to report a private sector job increase of 64,000 in October, following a 46,000 rise in September.
Nonfarm payrolls are projected to have risen by 65,000 in October, up from 29,000 in September. The unemployment rate is anticipated to remain steady at 4.2%.
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