Private Sector Added 158,000 Jobs In October, Highest In 8 Months, ADP Says

ADP jobs report new jobs

NEW YORK -- U.S. companies added 158,000 jobs in October, data from a payrolls processor showed on Thursday, in a revamped report on the private sector labor market. That was the most private sector jobs added in eight months, according to Bloomberg.

The historical data for the ADP National Employment Report was revised as part of the new methodology, which was used for the first time in the October report. September's increase has halved to 88,200 new jobs from an initially reported 162,000.

Economists had forecast that October's report would show a gain of 135,000 jobs, according to a Reuters poll.

More:U.S. Weekly Jobless Claims Dropped Again

Economists often refer to the ADP report to fine-tune their expectations for the non-farm payrolls report due on Friday, though it's not always accurate in predicting the outcome. The overhaul is meant to bring ADP's numbers more in line with the government's final revised jobs figures.

According to a survey by Bloomberg, the Labor Department report tomorrow may show private sector jobs increased by 124,000 in October while unemployment rate crept up to 7.9 percent.

AOL Jobs contributed to this report.

ADP Report Says Private Sector Added 158,000 Jobs

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