Private Sector Hiring Doubles Expectations In October

Private sector hiring surged past expectations in October, indicating that the US labor market remains resilient, payroll processor ADP reported, Alicia Wallace reported for CNN.

October’s gains far exceeded economists' forecasts, which anticipated a slowdown to just 108,000 new jobs from the original estimate of 143,000.

Non-governmental employers added 233,000 jobs in October, a sharp rise from the 159,000 net increase reported in September, according to ADP’s latest National Employment Report.

“In a month that promised to be chaotic with double-hit hurricanes, we see that the national labor market remained strong and broadly robust,” Nela Richardson, ADP's chief economist, said on a call with reporters.

October’s gains far exceeded economists' forecasts, which anticipated a slowdown to just 108,000 new jobs from the original estimate of 143,000, according to FactSet.

Job growth had been expected to decelerate not only because of a broader labor market slowdown but also due to the impact of three major events: the ongoing Boeing machinists’ strike and the effects of Hurricanes Helene and Milton.