financetom
Economy
financetom
/
Economy
/
US private payrolls growth surges in October
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US private payrolls growth surges in October
Oct 30, 2024 9:55 PM

WASHINGTON (Reuters) - U.S. private payrolls growth surged in October, despite fears of temporary disruptions from hurricanes and strikes.

Private payrolls increased by 233,000 jobs last month after rising by an upwardly revised 159,000 in September, the ADP National Employment Report showed on Wednesday.

Economists polled by Reuters had forecast private employment increasing by 114,000 positions after a previously reported gain of 143,000 in September.

The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of Friday's more comprehensive and closely watched employment report for October from the Labor Department's Bureau of Labor Statistics.

There is not much correlation between the ADP and BLS employment report. Initial ADP prints have mostly understated private payroll growth this year.

Employment growth last month was likely temporarily held back by Hurricanes Helene and Milton as well as strikes by factory workers in the aerospace industry.

Private payrolls likely increased by 90,000 jobs in October after rising 223,000 in September, a Reuters survey of economists showed. With further gains anticipated in government employment, nonfarm payrolls are estimated to have increased by 115,000 jobs last month after advancing 254,000 in September.

The unemployment rate is forecast to stay unchanged at 4.1%.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US private payrolls growth surges in October
US private payrolls growth surges in October
Oct 30, 2024
WASHINGTON (Reuters) - U.S. private payrolls growth surged in October, despite fears of temporary disruptions from hurricanes and strikes. Private payrolls increased by 233,000 jobs last month after rising by an upwardly revised 159,000 in September, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private employment increasing by 114,000 positions after a previously reported...
Boeing factory workers reject wage deal, extending strike
Boeing factory workers reject wage deal, extending strike
Oct 31, 2024
SEATTLE (Reuters) - Boeing U.S. factory workers rejected a new wage offer on Wednesday, extending a strike that is crippling the finances of the troubled planemaker and its suppliers. Boeing's ( BA ) biggest union said 64% of its some 30,000 workers in the U.S. Pacific Northwest voted against the contract, which included a 35% pay increase spread over four...
Boeing factory workers reject wage deal, extending strike
Boeing factory workers reject wage deal, extending strike
Oct 31, 2024
SEATTLE, Oct 23 (Reuters) - Boeing U.S. factory workers rejected a new wage offer on Wednesday, extending a strike that is crippling the finances of the troubled planemaker and its suppliers. Boeing's ( BA ) biggest union said 64% of its some 30,000 workers in the U.S. Pacific Northwest voted against the contract, which included a 35% pay increase spread...
How the Federal Reserve impacts personal loans
How the Federal Reserve impacts personal loans
Oct 30, 2024
Key takeaways The federal funds rate impacts how expensive it is for lenders to loan money, so consumer loan rates typically change when the federal funds rate changes. During the Federal Open Market Committee's September meeting, the regulatory body announced it would lower the federal funds rate by 50 basis points. While this change will not impact existing personal...
Copyright 2023-2026 - www.financetom.com All Rights Reserved