Economics
U.S. Companies Add Fewer Jobs Than Forecast, ADP Report Shows
- October payrolls rise 365,000, trailing all but one forecast
- Employment growth cools among services, goods producers
Photographer: Micah Green/Bloomberg
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U.S. companies added fewer jobs in October than forecast, a private report showed, indicating the absence of additional fiscal stimulus is prompting some firms to adjust payrolls as the pandemic continues to wear on the recovery.
Businesses’ payrolls increased by 365,000 last month after a revised 753,000 rise in September, according to ADP Research Institute data released Wednesday. The October gain was weaker than all but one estimate in a Bloomberg survey of economists and was less than the median projection for a 643,000 gain.