By adding 110,000 jobs to the U.S. economy in October, according to an ADP report released today, private businesses created 10,000 more jobs than economists originally forecasted, The Wall Street Journal is reporting. The Automatic Data Processing, payroll company, also revised its previous report "to show a rise of 116,000 versus 91,000 reported a month ago" for the month of September. And another report out today from Challenger, Gray & Christmas shows that planned layoffs dropped 63 percent from September to October, too, though that "drop comes after planned layoffs hit a 28-month high in September," writes CNNMoney. Most of that job growth occurred in the service industry, which added 140,000 jobs, while factor-based jobs declined by 8,000, according to the ADP.
The markets, of course, are happy with the beaten expectations on jobs after taking a hit yesterday with news from Greece.: they're rallying in response as "U.S. stock futures firmed after private-sector hiring came in slightly stronger than expected," reports another Journal article. The reports today comes ahead of the official employment numbers to be released Friday from the Labor Department, which include government employment. That data may temper the optimism. "The October unemployment rate is expected to remain at 9.1 percent," The Journal writes.
This article is from the archive of our partner The Wire.