U.S. private job growth hits 7-month high as storm effect fades: ADP

Economic Indicators Reuters

A worker assembles a Boeing's 737 MAX airplane wing at the company's production facility Monday, Feb. 13, 2017, in Renton, Wash. (AP Photo/Elaine Thompson) (AP)

(Reuters) - U.S. companies added the most workers in seven months in October as hiring rebounded from a drop in September stemming from Hurricanes Harvey and Irma, a report by a payrolls processor showed on Wednesday.

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The ADP National Employment Report said private employers hired 235,000 workers last month, exceeding a median forecast of 200,000 among economists polled by Reuters.

Domestic private payrolls in September were revised down to an increase of 110,000 from the previous 135,000.

The report is jointly developed with Moody's Analytics.

The ADP figures come ahead of the U.S. Labor Department's more comprehensive non-farm payrolls report on Friday, which includes both public and private-sector employment.

Economists polled by Reuters are looking for U.S. private payroll employment to have grown by 303,000 jobs in October, versus a drop of 40,000 the month before. Total non-farm employment is expected to have increased by 312,000.

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The unemployment rate is forecast to stay steady at 4.2 percent.

 

(Reporting by Richard Leong in New York; Editing by Chizu Nomiyama and Jeffrey Benkoe)

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