The Dow Jones (DJIA) opened Wednesday’s trading session in positive territory following a better-than-expected labor market update.
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ADP private payrolls increased by 42,000 in October, above the expectation of 30,000. The figure improved from 32,000 job losses in September and marked the first monthly gain since July.
Jobs Market Remains in ‘No Hiring, No Firing’ Position
The U.S. added 33,000 service-producing and 9,000 goods-producing jobs during the month. At the same time, several sectors are still shedding jobs, including information at 17,000, professional/business services at 13,000, and manufacturing at 3,000.
“The bottom line: The US is still in a ‘frozen’ job market with very little hiring,” said Navy Federal Credit Union Chief Economist Heather Long in an X post. “But there aren’t a ton of layoffs either. It’s ‘no hiring, no firing’ for now.”
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