Fed’s Miran Says ADP Jobs Data Slightly Better Than Expected

Federal Reserve Governor Stephen Miran on Wednesday described data that showed employment at US companies increased in October as “a welcome surprise,” though he reiterated interest rates need to be lower.

Private-sector payrolls increased by 42,000 after a revised 29,000 decline a month earlier, according to ADP Research data released Wednesday. The median estimate in a Bloomberg survey of economists called for a gain of 30,000.