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The private sector created twice as many jobs as expected in October
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The private sector created twice as many jobs as expected in October



CNN

Ongoing strikes and back-to-back hurricanes haven’t been enough to bring down the strong U.S. jobs market: Private-sector hiring exceeded expectations in October, payroll manager ADP reported Wednesday.

Nongovernment employers added 233,000 jobs in October, a sharp acceleration from September’s net increase of 159,000, according to ADP’s latest national jobs report.

Job creation was expected to decline in October, not only due to the continued slowdown in the labor market, but also because the month’s data would be influenced by three major events and their ripple effects: the ongoing crisis Boeing machinists strike Hurricane Helene And Hurricane Milton.

“Even amid the hurricane recovery, job growth was strong in October,” Nela Richardson, chief economist at ADP, said in a statement. “As we close out the year, U.S. hiring is proving robust and generally resilient.”

Wednesday’s gains limited economists’ expectations that job growth would slow to just 108,000 jobs from the initial estimate of 143,000, according to FactSet estimates.

Although ADP’s tables do not always match the Department of Labor’s official employment report, they are sometimes considered an indicator of overall hiring activity. So ADP’s report on Wednesday provided one of the most comprehensive reports yet on the extent to which these temporary shocks could ultimately distort the flagship jobs report, which is scheduled to be released Friday morning.

Economists expect the federal jobs report to show an increase of 120,000 jobs, less than half of the 254,000 gains estimated in September, according to FactSet.

This story is developing and will be updated.