Private sector employment in the United States rose by a forecast-beating 233,000 jobs in October, suggesting the labor market remains resilient despite headwinds from high interest rates, an ongoing manufacturing slump, and a sharp decline in job vacancies.
The jobs report, released on Oct. 30 by America’s largest payrolls provider, provides a snapshot of the private sector labor market based on the payroll data of some 25 million U.S. employees. Traders often see it as a harbinger of U.S. government job creation data, usually published two days later by the Bureau of Labor Statistics (BLS), although there are months where the discrepancy between the two reports is high.
Economists polled by Reuters predicted private employment would increase by 114,000 positions in October, with the 233,000 job creation figure cited by ADP representing an upside surprise. However, the ADP report shows patches of weakness