Private payrolls rise in October
In October, U.S. private sector payrolls increased by the most in eight months. The strong jobs market is causing a rise in compensation.
“The economy is in great shape with lots of jobs and more money in workers’ paychecks and this should help bolster the outlook as the financial markets stumble,” said Chris Rupkey, chief economist at MUFG in New York.
The ADP national employment report showed private sector employment rose by 227,000 jobs last month.