U.S. private payrolls growth increased further in October, the ADP National Employment Report showed on Wednesday.
Private employment rose by 86,000 jobs last month after a downwardly revised 86,000 gain in September. Economists polled by Reuters had forecast private employment increasing by 69,000 after a previously reported 90,000 advance in September.
The ADP report is jointly developed with the Stanford Digital Economy Lab, and was published ahead of the Bureau of Labor Statistics’ more comprehensive and closely watched employment report for October on Friday.
ADP has been a poor gauge of the BLS’ private payrolls estimate. The labor market remains on a firmer footing, despite the uncertainty caused by the U.S.-Israeli war with Iran. The BLS reported on Tuesday that there were 1.06 open jobs for every unemployed person in September, up from 1.02 in August.
The BLS is likely to report that private payrolls increased by 64,000 jobs in October after rising by 46,000 in September, according to a Reuters survey of economists. Nonfarm payrolls are expected to have advanced by 65,000 in October after gaining 29,000 in September. The unemployment rate is forecast to have been unchanged at 4.2%.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
