- The US added 365,000 private payrolls in October, according to ADP’s monthly employment report.
- The reading falls well below the median economist estimate of 643,000 payrolls, according to Bloomberg data.
- The report precedes the US Bureau of Labour Statistics’ monthly nonfarm payrolls report set for Friday release.
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The US private sector slowed its pace of hiring through October as the nation’s labour market recovery stuttered.
American firms added 365,000 people to payrolls last month, according to the ADP monthly employment report published Wednesday. Economists surveyed by Bloomberg had expected a reading of 643,000 new payrolls. The reading fell well below the revised 753,000 reading for September.
“The labour market continues to add jobs, yet at a slower pace, Ahu Yildirmaz, vice president and cohead of the ADP Research Institute, said in a press release. “Although the pace is slower, we’ve seen employment gains across all industries and sizes.”
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The monthly private hiring report is seen as a preview of the government’s nonfarm payrolls report, which is set for release Friday. Economists expect the Bureau of Labour Statistics to show the unemployment rate falling moderately from 7.9%. Payroll additions totaled 661,000 in the government’s October report.
ADP’s data also follows encouraging declines in weekly jobless claims in recent weeks. Filings for unemployment benefits sank to 751,000 for the week that ended on October 24, the Labour Department said Thursday. That’s below the economist estimate of 770,000. The reading also marked a decline from the prior week’s revised figure.
Continuing claims, which track Americans actively receiving unemployment benefits, declined to 7.8 million for the week that ended October 17. The reading fell in line with economist expectations.
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