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Payroll company ADP said Wednesday that private sector companies added 233,000 jobs in October.
This number was well above the 114,000 expected by economists and the highest level since July 2023. The larger-than-expected increase in September has been revised upward to 159,000.
“Even in the midst of the hurricane recovery, employment growth was strong in October,” said Nela Richardson, chief economist at ADP. “As we close out the year, U.S. employment has proven strong and generally resilient.”
Job seekers speak with recruiters during the New York Public Library's annual Bronx Job Fair & Expo held at the Bronx Library Center in the Bronx, New York City on September 6, 2024. (Yuki Iwamura/Bloomberg via Getty Images/Getty Images)
The number of job openings has fallen more than expected, reaching the lowest level since January 2021
Large companies (those with 500 or more employees) added 140,000 jobs in the same month. Businesses with between 50 and 499 employees added 86,000 jobs, and businesses with fewer than 50 employees added 4,000 jobs.
Payroll company ADP said Wednesday that private sector companies added 233,000 jobs in October. (Photo by Paul Bersebach/MediaNews Group/Orange County Register via Getty Images / Getty Images)
The biggest job gains in October were in the education and health services sectors, with 53,000 jobs, and in the trade, transportation and utilities sectors, with 51,000 jobs. The leisure and hospitality sector added 37,000 jobs in the same month.
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Employment in the construction and natural resources and mining sectors totaled 37,000 and 4,000, respectively.
Construction worker in Raleigh, North Carolina, July 17, 2024. (Photographer: Alison Joyce/Bloomberg via Getty Images/Getty Images)
The only sector to report a loss in October was manufacturing, which fell by 19,000 jobs.
Job creation was concentrated in the South, where 77,000 jobs were added. The Midwest added 63,000 jobs, while the Northeast and West added 48,000 and 44,000 jobs, respectively.
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ADP also announced that wages increased by 4.6% year-on-year.
ADP's report comes ahead of Friday's release of the Bureau of Labor Statistics' nonfarm employment report. Economists surveyed by LSEG said economic growth is likely to add 115,000 jobs in October, and expect the unemployment rate to hold steady at 4.1%.
