Payroll management firm, ADP, released its non-farm October jobs report on Wednesday. According to the report, the private sector added 235K jobs in October, a 7-month high and 125K month over month increase from September. Economists expected an increase of roughly 200K jobs based on a sluggish September, which marked an 11-month low.
The notable increase suggests that the U.S. economy has rebounded from the market jarring hits from Hurricanes Harvey and Irma. Construction related jobs saw its largest increase since 2006 adding 62K new jobs to the October employment mix.
Tomorrow, the Labor Department is scheduled to release its more comprehensive monthly jobs report that includes both public and private sector employment statistics.
Experts predict an increase of roughly 312K new jobs for October and the unemployment rate to hold steady at 4.2%.
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