US firms created more jobs than anticipated in October marginally helping to boost optimism about the job market before the publication of the government’s employment report on Friday.
Private employers created 43,000 more jobs last month compared with a revised loss of 2,000 jobs in September, according to payrolls processor ADP Employer Services.
Since February the average monthly figure for private job creation has been around 34,000.
ADP said this month’s figure was still consistent with the deceleration of economic growth that occurred in the spring. October’s employment increase was not sufficient to lower the overall unemployment rate, it added, given modest GDP growth.
It would not be surprising to see several more months of lethargic employment gains, even if the economic recovery gathers momentum, ADP said.