Companies continued to hire at a brisk pace in October, with private payrolls rising by a better-than-expected 227,000, according to a report Wednesday from ADP and Moody’s Analytics.
Larger companies have the advantage in this climate because “they are more apt to provide the competitive wages and strong benefits employees desire,” added Adu Yildirmaz, vice president and co-head of the ADP Research Institute.
The ADP/Moody’s count is used as a yardstick to gauge the broader employment picture as it comes two days before the Labor Department releases its closely watched nonfarm payrolls report. However, the two counts can differ widely.
In September, the ADP/Moody’s total contrasted with the government’s tally of 134,000, which included just 121,000 private sector jobs. The ADP/Moody’s total for that month did not account for workers displaced by the violent hurricane season in the Carolinas.
The Labor Department report on Friday is expected to show an increase of 190,000, which would be slightly below the average 201,000 during the past 12 months though right on pace with the previous three months.
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