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Private payroll growth slows in October, well below expectations
Private job creation showed a sharp deceleration in October as the U.S. economy struggled against a resurgent coronavirus pandemic, according to a report Wednesday by ADP. Companies added 365,000 positions for the month, well below the 600,000 estimate from a Dow Jones economist survey. That was the lowest reported gain from ADP since July. The ADP estimate, done in conjunction with Moody’s Analytics, has varied widely from the government’s official nonfarm payrolls report, particularly during the pandemic. However, the upwardly revised 753,000 in September actually was higher than the Labor Department’s count ... (full story)