Nov. 1 - U.S. companies added 158,000 jobs, according to payroll processing company ADP, Jeanne Yurman reports.
158,000 is our number today. This is how many jobs U.S. companies added in October, according to payroll processing firm, ADP. A possible sign of an improving labor market. It was the biggest jump in eight months - topping economists' forecast. And September's job gains were revised higher to 114,000 versus the previously reported 88,000. The revision comes as ADP adopts a new methodology compliments of number crunching from Moody's Analytics, which ADP switched to recently after partnering with a rival firm for years. For this reason market watchers like Dennis Gartman, publisher and editor of The Gartman Letter says great numbers but be skeptical and take them with a big grain of salt. It will take from six to nine months to see how consistent the Moody numbers are and how well they correspond the the monthly jobs report.