US ADP private sector employment rises 233,000 in October vs. 115,000 expected
|- Private sector employment rose at a stronger pace than expected in October.
- US Dollar Index clings to small daily gains slightly below 104.50.
Private sector employment in the US rose 233,000 in October and annual pay was up 4.6%, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 159,000 increase (revised from 143,000) recorded in September and surpassed the market expectation of 115,000 by a wide margin.
Assessing the report's findings, "even amid hurricane recovery, job growth was strong in October,” said Nela Richardson, chief economist, ADP. "As we round out the year, hiring in the US is proving to be robust and broadly resilient."
Market reaction
The US Dollar Index edged higher with the immediate reaction and was last seen posting small daily gains near 104.40.
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