Economy has produced more than 200,000 private-sector jobs for seven straight months
NEW YORK (Reuters) — U.S. private employers added 230,000 jobs in October, exceeding economists' expectations, a report by a payroll processor showed on Wednesday.
Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 220,000 jobs.
September's private payrolls were revised up to 225,000 from the previously reported 213,000.
Including October's gain, the U.S. economy has produced more than 200,000 private-sector jobs for a record seven straight months, dating back to the ADP series origin in May 2001. Private employers have now added jobs for 56 straight months at an average rate of more than 186,000 per month.
The report is jointly developed with Moody's Analytics.
The ADP figures come ahead of the U.S. Labor Department's more comprehensive nonfarm payrolls report on Friday, which includes both public and private sector employment. Economists polled by Reuters are looking for the total U.S. employment to have grown by 231,000 jobs in October, down from 248,000 in September, with private-sector hiring seen at 222,000 compared with 236,000 the month before.