Companies added more workers than forecast to U.S. payrolls in October, indicating hiring snapped back after hurricanes Harvey and Irma, according to data released Wednesday from the ADP Research Institute in Roseland, New Jersey.
The report indicates resilience in the labor market and is consistent with other data that show the economy is recovering from the tropical storms. Employment is expanding as businesses remain optimistic about the outlook, at the same time employers face the challenge of finding skilled workers as the job market is tightening. The ADP results are also a sign that the government will report Friday a rebound in private payrolls for October.
The surge in construction employment probably shows greater demand for labor to rebuild homes and businesses in the hurricane-stricken areas of Texas and Florida.
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