U.S. private payrolls beat expectations in October - ADP

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U.S. private payrolls increased more than expected in October, offering more evidence of labor market resilience and suggesting that the Federal Reserve could continue to aggressively raise interest rates for a while. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the Labor Department's Bureau of Labor Statistics' more comprehensive and closely watched employment report for October on Friday. With no job gains expected in the government sector, overall nonfarm payrolls are also forecast to have increased by 200,000.