Hiring at private U.S. employers grew more than expected, according to a recent report, showing that the economy continues to grow as parts of the country rebuild from the recent hurricanes.
Firms across the country added 235,000 workers to their ranks in October, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics. Economists surveyed by The Wall Street Journal had expected the addition of 190,000 jobs.
The September total was revised down to 110,000 from 135,000.
The ADP report is based on private-payroll data in addition to government data.
“Resurgence in construction jobs shows the rebuilding is already in full swing,” said Mark Zandi, chief economist of Moody’s Analytics. “Looking through the hurricane-created volatility, job growth is robust.”
Growth was driven by large employers, but small and midsize companies also showed employer growth.
The ADP report comes ahead of the monthly jobs report from the U.S. Bureau of Labor Statistics on Friday. The BLS report is expected to show strong gains in employment, compared with an unexpected decline for September, largely related to the recent hurricanes. Economists expect nonfarm jobs to rise by 315,000 for October, compared with a loss of 33,000 the prior month.
Source: Dow Jones