Hiring at U.S. companies rose in October by more than forecast, mainly reflecting a surge in leisure and hospitality and underscoring resilient labor demand despite the Federal Reserve’s efforts to cool the economy, Bloomberg News reported. Private payrolls rose 239,000 last month after a revised 192,000 gain in September, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The median forecast in a Bloomberg survey of economists called for a 185,000 advance. In addition to the 210,000 increase at leisure and hospitality companies, payrolls rose in trade, transportation and utilities. Employment in information, manufacturing and financial services declined. The data from ADP precede the government’s payrolls report on Friday, which is forecast to show hiring cooled down in October and the unemployment rate edged up from a five-decade low.
