Washington, Nov. 2, (dpa-AFX/GNA) - Private sector employment in the United States increased by more than expected in October, according to a report released by payroll processor ADP on Wednesday.
ADP said private sector employment jumped by 239,000 jobs in October after climbing by a downwardly revised 192,000 jobs in September.
Economists had expected private sector employment to advance by 195,000 jobs compared to the addition of 208,000 jobs originally reported for the previous month.
“This is a really strong number given the maturity of the economic recovery but the hiring was not broad-based,” said ADP chief economist Nela Richardson. “Goods producers, which are sensitive to interest rates, are pulling back, and job changers are commanding smaller pay gains.”
She added, “While we’re seeing early signs of Fed-driven demand destruction, it’s affecting only certain sectors of the labor market.”
GNA