On Wednesday, chief economist of Moody's Analytics, Mark Zandi stated that US nonfarm payrolls for the month of October would come to around 100,000. Zandi added that the rate of unemployment would rise from 7.2% to 7.4%.
Nonfarm payroll employment refers to an accumulated name for construction, manufacturing companies and goods in the US. However, it does not comprise of farm workers, non-profit organization employees or private household employees.
The report on nonfarm payrolls by the US Labor Department is due for release on November 8. In a Reuters poll, economists expected a rate of unemployment of 7.3% and an increase in payrolls by 130,000.
According to a report done by Moody's Analytics and ADP's payrolls processor, private-sector employers in the US added 130,000 jobs in the month of October. This number was lower than the expectations made by economists which were 150,000 for the month. Compared to the month of September, the reading showed a total of 148,000 new jobs.
Chief economic strategist of Miller Tabak, Andrew Wilkinson said, "The reading was light with blame likely falling at the door of Washington politicking. The government shutdown amidst budget negotiations prompted companies to await the outcome before making commitments to new workers."
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