U.S. private sector job growth rebounded in October and increased by 235,000, according to private payroll processor ADP, after dipping to 110,000 in September when hurricanes in the South took a toll on job growth.
“The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma. Resurgence in construction jobs shows the rebuilding is already in full swing. Looking through the hurricane-created volatility, job growth is robust” said Mark Zandi, chief economist at Moody’s Analytics in a statement.
Today’s private sector job report from ADP is a precursor to Friday’s non-farm payroll report from the U.S. Bureau of Labor Statistics.
Later this afternoon, the Federal Reserve will make an interest rate decision with the federal funds.
The Fed is not expected to raise interest rates at the conclusion of their 2 day meeting.
According to CME’s Fed Watcher tool, the probability of a .25 basis point rate hike to 1.25- 1.50 percent currently stands at just 1.5 percent but jumps up to 96.7 percent at the Fed’s December policy meeting.
President Trump is expected to name his pick for a new Fed Chair today and the proposal of the House Republican tax reform bill is currently delayed until tomorrow.
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