Private-sector hiring jumps to 7-month high
WASHINGTON - U.S. businesses added a solid 235,000 jobs in October, according to a private survey, partly reflecting a rebound from the previous month when several hurricanes kept hiring in check.
Payroll processor ADP (ADP) said Wednesday that last month's gain was the largest in seven months. Hiring fell to just 110,000 in September, the lowest in nearly a year.
October's rebound was driven by construction firms, which reported a huge gain of 62,000 jobs, a sign that rebuilding efforts after Hurricanes Harvey, Irma and Maria are already under way.
The government's jobs report in September showed that damage from the hurricanes caused a loss of 33,000 jobs that month, the first drop in seven years. The ADP report doesn't include government payrolls and often diverges from the official figures.
The U.S. Labor Department's national payroll report for October will be released Friday morning. Economists think the labor market rebounded last month after employers eliminated 33,000 jobs in September as hurricanes Harvey and Irma stunted economic growth.
Jim O'Sullivan of High Frequency Economics predicts the government's employment report will show around 310,000 jobs were added last month.
