US: Private sector employment rises by 571K in October vs. 400K expected
|- ADP Employment Change came in better than expected in October.
- US Dollar Index continues to tread water above 94.00.
Employment in the US' private sector rose by 571,000 in October, the monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday. This reading followed September's print of 523,000 (revised from 568,000) and came in better than the market expectation of 400,000.
Commenting on the data, "the labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly 5 million job gains this year," said Nela Richardson, chief economist, ADP. "Service sector providers led the increase and the goods sector gains were broad-based, reporting the strongest reading of the year."
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen moving sideways above 94.00.
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