Investing.com – U.S. non-farm private employment rose more-than-expected in October, industry data showed on Wednesday.
In a report, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 110,000 in October, beating expectations for an increase of 100,000.
The previous month’s figure was revised up to a gain of 116,000 from a previously reported increase of 91,000.
The report said employment in the service-providing sector rose by 114,000 in October, marking 22 consecutive months of employment gains.
Employment in the goods-producing sector declined by 4,000, while manufacturing employment declined by 8,000.
The report “suggests that the recent trend in private employment remains moderate, and probably is below a pace consistent with a stable unemployment rate. This rate of moderate job creation reflects the sluggish pace of GDP growth exhibited earlier this year.”
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD gaining 0.64% to trade 1.3791.
Meanwhile, U.S. stock index futures added to gains after the release of the data. The Dow Jones Industrial Average futures indicated a rise of 1.2%, S&P 500 futures pointed to an increase of 1.4%, while the Nasdaq 100 futures added 0.85%.
In a report, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 110,000 in October, beating expectations for an increase of 100,000.
The previous month’s figure was revised up to a gain of 116,000 from a previously reported increase of 91,000.
The report said employment in the service-providing sector rose by 114,000 in October, marking 22 consecutive months of employment gains.
Employment in the goods-producing sector declined by 4,000, while manufacturing employment declined by 8,000.
The report “suggests that the recent trend in private employment remains moderate, and probably is below a pace consistent with a stable unemployment rate. This rate of moderate job creation reflects the sluggish pace of GDP growth exhibited earlier this year.”
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD gaining 0.64% to trade 1.3791.
Meanwhile, U.S. stock index futures added to gains after the release of the data. The Dow Jones Industrial Average futures indicated a rise of 1.2%, S&P 500 futures pointed to an increase of 1.4%, while the Nasdaq 100 futures added 0.85%.