"U.S. Private Employment Increases By 230,000 In October"...Highest Width in 1 Year and 3 Months

In October, when the slowdown was expected in the aftermath of Hurricane Hurlin and Milton damage, U.S. private business employment increased by 233,000 month-on-month, the largest increase since July last year, according to an analysis.

U.S. employment information provider Automatic Data Processing said U.S. private business hiring in October was significantly above the 113,000 expert forecast compiled by Dow Jones.

"Employment growth was strong in October even during hurricane damage recovery," experts said. "U.S. employment is proving to be robust and broadly resilient at the end of the year."

The private company employment data is based on information collected by private intelligence companies and differs from the official U.S. government-based employment data, but the two statistics tend to move in a similar direction.

Expectations are high that the U.S. economy will continue to grow as private sector indicators show that employment also increased significantly in October, with the U.S. growth breaking news of 2.8% in the third quarter.

While the U.S. Federal Reserve cut interest rates by a "big cut," or 0.50 percentage points, last month, markets are eyeing the October employment report to gauge the pace of the Fed's rate cuts in the future.

Experts predict in the Labor Department's employment report that the number of nonfarm jobs in the U.S. rose by 110,000 in October, slowing the growth from 254,000 health insurance in September.

The October employment report will be released on the 1st of next month, four days before the presidential election day.