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
Nov 3, 2024 2:55 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 >
NZD/USD Gains Momentum Ahead Of RBNZ Meeting
NZD/USD Gains Momentum Ahead Of RBNZ Meeting
Aug 12, 2024
By RoboForex Analytical Department The New Zealand dollar is steadily rising against the US dollar, with the NZD/USD pair reaching 0.6014 as of Monday. The financial markets are gearing up for Wednesday's Reserve Bank of New Zealand (RBNZ) meeting. Analysts widely anticipate that the RBNZ will maintain the official cash rate at 5.5% for the ninth consecutive time, reflecting ongoing...
US consumer medium-term inflation expectations drop
US consumer medium-term inflation expectations drop
Aug 12, 2024
(Reuters) - U.S. consumers' medium-term inflation expectations eased substantially in July even as their near- and longer-term outlooks for price pressures held steady, although households are increasingly worried about staying current on their debt, a Federal Reserve Bank of New York report showed on Monday. The median three-year inflation expectation dropped to 2.3% from 2.9% in June to register its...
US Dollar Falls Early Monday, Focus on Inflation, Sales Data
US Dollar Falls Early Monday, Focus on Inflation, Sales Data
Aug 12, 2024
07:48 AM EDT, 08/12/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Monday, except for further improvement versus the yen, ahead of a busy week of data releases that include key monthly readings on inflation and retail sales. The week starts out light Monday with only the New York Federal Reserve's inflation expectations report for...
Hedge funds retrench on risk, fearful of increased volatility
Hedge funds retrench on risk, fearful of increased volatility
Aug 12, 2024
NEW YORK (Reuters) - Portfolio managers at hedge funds have retrenched from some of their riskier positions after a volatile week for markets. A brutal selloff and recovery in global markets in the past week was triggered by the unwinding of billions of dollars worth of yen-funded trades and worries the U.S. economy was heading to a recession. The CBOE...
Copyright 2023-2025 - www.financetom.com All Rights Reserved