U.S. Private Sector Adds 42,000 Jobs In October, More Than Expected

(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. rebounded by more than expected in the month of October.

ADP said private sector employment climbed by 42,000 jobs in October after slipping by a revised 29,000 jobs in September.

Economists had expected private sector employment to rise by 25,000 jobs compared to the loss of 32,000 jobs originally reported for the previous month.

"Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year," said ADP chief economist Dr. Nela Richardson.

She added, "Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced."