Private sector employment in the United States rose by a forecast-beating 233,000 jobs in October, according to payroll processor ADP, whose latest report suggests the labor market remains resilient despite headwinds from high interest rates, an ongoing manufacturing slump, and a sharp decline in job vacancies.
The jobs report, released on Oct. 30 by America’s largest payrolls provider, provides a snapshot of the private sector labor market based on the payroll data of some 25 million U.S. employees. Traders often see it as a harbinger of U.S. government job creation data, usually published two days later by the Bureau of Labor Statistics (BLS), although there are months where the discrepancy between the two reports is high….