Private Employers Added 86,000 Jobs in October, Beating Forecasts, ADP Says, With Pay Growth for Job-Changers at Its Fastest Since March 2024
Fox Business reports ADP's October count topped the 69,000 economists expected. Trade, transportation and utilities led; professional and business services lost 27,000. The government's jobs report comes Friday.
Private employers added 86,000 jobs in October, more than economists expected, according to payroll firm ADP, Fox Business reports.
The headline. Economists had forecast a gain of 69,000. ADP chief economist Nela Richardson said: "Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay. Taken together, earnings growth for these workers hit its fastest pace since March 2024."
Who hired. Trade, transportation and utilities added 39,000 jobs, the most of any sector. Education and health services added 28,000 and leisure and hospitality 19,000. Financial activities added 15,000, construction 13,000 and other services 10,000.
Who cut. Professional and business services lost 27,000 jobs and natural resources and mining lost 8,000. Information lost 2,000 and manufacturing 1,000.
By company size. Firms with 500 or more employees added 24,000 jobs, those with 50 to 499 added 33,000, and those with fewer than 50 added 28,000.
What comes next. ADP's count comes before the Labor Department's nonfarm payrolls report, due Friday morning, which can differ notably. Fox says the government figure is expected to show a gain of 65,000 jobs, after an unexpected loss of 29,000 in September, with unemployment holding at 4.2%.
Why it matters here. Affordability and jobs were central to the midterm campaign. This is one private survey, and the government report is the one markets will watch.
What we could not check. Fox says the October figure is "up from the prior month's revised 86,000." That is the same number as October's, so one of the two figures may be misstated in Fox's text. We could not reconcile it and have not seen ADP's own release.