Private US employers added 571,000 jobs in October

Private companies hired 571,000 people last month, payroll services firm ADP reported Wednesday, the latest sign that the US economy is recovering from the Covid-19 pandemic.

The rise in employment was better than analysts expected. Companies of all sizes added jobs, most in the service sector, including leisure and hospitality, two sectors that were hit hard by the pandemic’s restrictions.

"The labor market is reviving as the delta wave of the pandemic wanes"said Mark Zandi, chief economist at Moody’s Analytics, who is collaborating with ADP on the report.

"As long as the pandemic remains contained, more significant job gains are likely in the coming months.".

The data is often seen as a preview of the official Labor Department employment report, due out Friday, which is expected to show that the world’s largest economy added 400,000 jobs in October, more than double the disappointing September result.

Data from ADP showed hiring in goods-producing industries rebounded with 113,000 new jobs, the biggest gain in a year.

This occurs at a time when continuous supply chain disruptions hurt factories.

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