ADP payrolls add more jobs than expected in October

According to private consultancy ADP, employers added 182,000 jobs in October compared with a downwardly revised 190,000 reading in the previous month and with analysts’ expectations for a 180,000 reading.

Goods-producing employment growth staged a modest rebound in October, with 24,000 jobs added compared with 8,000 the day before, while service sector employment growth declined to 158,000 from 182,000.

“We place limited weight on the ADP employment report, given the history of frequent revisions,” Barclays’ analysts said in a note.

“For Friday’s official employment report from the Labor Department, we expect non-farm payroll growth of 175k and a one-tenth decline in the unemployment rate, to 5.0%.”