The U.S. private sector added fewer jobs than expected in October, ADP Employer Services reported on Wednesday. Markets look to ADP's report on private-sector payrolls to provide some guidance on the government’s monthly jobs estimate, which includes information on both private- and public-sector payrolls.
The Labor Department plans to publish the government October jobs report on Nov. 8 -- a week later than originally scheduled due to the 16-day partial government shutdown.
New Jersey-based ADP said U.S. private-sector employment increased by a disappointing 130,000 in October, lower than the downwardly revised 145,000 gain in September. The number also missed analysts’ expectation of a 150,000 gain.
Mark Zandi, chief economist of Moody’s Analytics, said, “The government shutdown and debt limit brinksmanship hurt the already softening job market in October … Any further weakening would signal rising unemployment.”
ADP October Jobs Report 2013: Businesses Hired 130,000 Workers, Fewer Than Expected
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