UPDATE - US private payrolls rise by 233,000 in October, higher than estimates

UPDATES WITH ADDITIONAL FIGURES

By Ovunc Kutlu

ISTANBUL (AA) - US private payrolls rose by 233,000 in October, much higher than market estimates, according to a report released Wednesday by ADP Research Institute.

The figure came in much higher than market expectations of 110,000, following a 159,000 increase in September.

The report said job creation hit its highest level since July 2023 as the US economy worked through hurricane recovery, but noted that manufacturing was the only sector to shed jobs.

"Even amid hurricane recovery, job growth was strong in October," Nela Richardson, the ADP chief economist, said in a statement.

"As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient," she added.

Among businesses, small businesses added 4,000 jobs, while mid-sized and large enterprises experienced gains of approximately 86,000 and 140,000 jobs, respectively.

Education and health services posted the highest gain, adding 53,000 jobs. It was followed by the trade, transportation, and utilities industry, which had an increase of 51,000.

Construction came next along with leisure and hospitality, with both categories adding 37,000 jobs.

While payrolls in professional and business services increased by 31,000, other services saw total job additions of 21,000, according to the report.

The manufacturing sector, on the other hand, posted a loss of 19,000 jobs.