U.S. private payrolls increased more than expected in October, suggesting the labor market and overall economy were regaining momentum early in the fourth quarter, though worker and raw material shortages remain constraints.
Private employment rose by 571,000 jobs last month, the ADP National Employment Report showed on Wednesday. Data for September was revised down to show 523,000 jobs added instead of the initially reported 568,000. Economists polled by Reuters had forecast private payrolls would increase by 400,000 jobs.
Still, the report was consistent with an improvement in other labor market indicators in October as the summer wave of COVID-19 infections driven by the Delta variant subsided significantly. Coronavirus infections worsened supply chain problems, restraining economic growth to its slowest pace in more than a year in the third quarter.
Economists expect hiring picked up in October, though persistent worker shortages remain a challenge. According to a Reuters survey of economists, private payrolls likely increased by 400,000 jobs in October. With government hiring anticipated to have rebounded by 50,000, that would lead to overall payrolls rising by 450,000 jobs. The economy created 194,000 jobs in September, the fewest in nine months.
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