Markets breathed a sigh of relief after fresh labor market data showed an unexpected rise in private payrolls. While recession fears still linger, this latest report suggests the U.S. economy may have more resilience than previously thought. Could this be the short-term support Wall Street needed?

Chart of US private sector jobs growth from 2021

The ADP report is being closely watched by investors and economists alike, especially now during the ongoing US government budget shutdown, when the Department of Labor has temporarily suspended the release of official statistics (including the government's key unemployment report). Thus, the data from ADP (a private payroll processing firm) currently provides one of the few glimpses of the state of the labor market. The October report provided a positive surprise, giving investors hope that the labor market is not in as much of a downturn as some had feared. According to ADP Chief Economist Nela Richardson, private employers added jobs in…