US private payrolls up 571,000 in Oct, beating expectations

By Tuba Sahin

ANKARA (AA) - US private-sector employment increased by 571,000 month-on-month in October, according to the ADP Research Institute's national employment report released on Wednesday.

The reading was well above market projection of a 400,000 rise in US payrolls for October.

Small and medium-sized businesses added 115,000 and 114,000 jobs, respectively, while large businesses added 342,000 in the month.

The data for September was revised down from 568,000 to 523,000, the institute report showed.

"The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly 5 million job gains this year," ADP chief economist Nela Richardson said in the report.

"Service sector providers led the increase and the goods sector gains were broad based, reporting the strongest reading of the year," she added, highlighting the contribution of large companies to the main reading.

"The job market is revving back up as the Delta wave of the pandemic winds down," Mark Zandi, chief economist of Moody's Analytics, said in the report.