Private-sector job growth picks up more than expected in October
“US private payrolls increased more than expected in October, offering more evidence of labor market resilience and suggesting that the Federal Reserve could continue to aggressively raise interest rates for a while. The pick-up in private hiring shown in the ADP National Employment report on Wednesday was concentrated in the services sector, specifically the leisure and hospitality industry. But rapidly rising borrowing costs appeared to weigh on hiring in the goods-producing sector, with factories shedding jobs. The report followed on the heels of government data on Tuesday showing an unexpected jump in job openings in September.”