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ADP Says Private Sector Added 110,000 Jobs in October Wednesday, November 2, 12:48 PM ET
Payroll processor Automatic Data Processing (NASDAQ:ADP) said today that private sector employment rose by 110,000 jobs in October.
September's measure was revised upward to 116,000 jobs, from an initial reading of 91,000.
Small and medium businesses contributed to the jobs gains in October, while employment at large companies declined.
The services sector added jobs, while the manufacturing sector shed positions.
The dollar is trading down following the ADP news and ahead of a U.S. Federal Reserve meeting on interest rate policy today. The results of the meeting are expected to be announced in the afternoon.
The U.S. Dollar Bullish Fund (AMEX:DBO) is trading up 2.1%, while the Euro Trust (AMEX:FXE) trades up over .7%.
Gold is trading up following the data. The iShares Gold Trust (AMEX:IAU) is trading up over 1.2%, while the SPDR Gold Shares (AMEX:GLD) trades up over 1.1%.
The Gold Miners ETF (AMEX:GDX) is trading up two and three quarters percent.
The general markets are edging higher, with the SPDR S&P 500 (AMEX:SPY) trading up about 1.3% today.
The U.S. government's employment report for October is due out on Friday.
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