U.S. private payrolls increased more than expected in September as COVID-19 infections started subsiding, boosting hiring at restaurants and other high-contact businesses, Reuters reported. The ADP National Employment Report released on Wednesday supported expectations that job growth picked up last month, though it has a poor record predicting the private payrolls count in the Labor Department's more comprehensive and closely watched employment report. September's employment report, due on Friday, will garner more attention after the Federal Reserve signaled last month that it would likely begin reducing its monthly bond purchases as soon as November. Fed Chair Jerome Powell believes the economy is one "decent" monthly employment report short of meeting the U.S. central bank's threshold for tapering its bond-buying program. Private payrolls increased by 568,000 jobs last month, the ADP National Employment Report showed. Data for August was revised lower to show 340,000 jobs added instead of the initially reported 374,000. Economists polled by Reuters had forecast that private payrolls would increase by 428,000 jobs.
