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Economic data offers some surprises

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U.S. companies added more workers than expected in October, slightly boosting optimism about the job market ahead of Friday’s government employment report, Reuters reported.

Private employers added 43,000 jobs in October compared with a revised loss of 2,000 jobs in September, it was announced today by payroll processor ADP Employer Services, which developed the report with Macroeconomic Advisers LLC. The September figure was originally reported as a loss of 39,000.

The October number came in well above expectations for a rise of 20,000 private-sector jobs, based on a median of estimates from 35 economists surveyed by Reuters.

It was the latest of some stronger-than-expected data on the U.S. economy, including Monday’s report showing surprisingly strong growth last month in the U.S. manufacturing sector.

Other economic data released today showed the number of planned layoffs at U.S. firms rose slightly in October, but the overall pace of downsizing for the year is down 62 percent from last year.

Employers announced 37,986 planned job cuts in October, up 2.2 percent from 37,151 cuts in September, according to the report from consultants Challenger, Gray & Christmas Inc.

Also, data showed U.S. mortgage applications for home refinancing loans dropped for a third straight week even though interest rates held at near-record lows.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes purchase and refinance loans, decreased 5 percent for the week ended Oct. 29.