Companies in the private sector added 42,000 jobs in October, payroll processing firm ADP said Wednesday.

The figure is above economists’ estimates of a gain of 28,000 jobs. The prior month's payrolls number was revised to a loss of 29,000 from an initially reported loss of 32,000.

"Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year," said Nela Richardson, ADP's chief economist. "Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced."

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