Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. shot up by much more than anticipated in the month of October.
ADP said private sector employment surged by 233,000 jobs in October after jumping by an upwardly revised 159,000 jobs in September.
Economists had expected private sector employment to climb by 115,000 jobs compared to the addition of 143,000 jobs originally reported for the previous month.
A separate report released by the Commerce Department on Wednesday showed U.S. economic growth unexpectedly slowed in the third quarter.
The Commerce Department said gross domestic product shot up by 2.8 percent in the third quarter after surging by 3.0 percent in the second quarter. Economists had expected another 3.0 percent jump.
The unexpected slowdown in the pace of GDP growth primarily reflected a downturn in private inventory investment and a larger decrease in residential fixed investment.
Meanwhile, these movements were partly offset by accelerations in exports, consumer spending and federal government spending, the Commerce Department said.
At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of September. Pending home sales are expected to jump by 1.1 percent in September after climbing by 0.6 percent in August.
The Energy Information Administration is scheduled to release its report on oil inventories in the week ended October 25th at 10:30 am ET.
Crude oil inventories to expected to rise by 2.3 million barrels after surging by 5.5 million barrels in the previous week.