The employment
report released by Automatic Data Processing Inc. (ADP) and Moody's Analytics on
Wednesday revealed that U.S. private employers added 233,000 jobs in October. This marked the highest
number since July 2023 (+307,000).
Economists had forecast
an addition of 115,000 new jobs for October.
Meanwhile, the September
figure saw an upward
revision to 159,000 from the originally reported 143,000.
According to
the report, job creation surged in October as the economy worked through
hurricane recovery. Education and health services (+53,000) led the rebound,
followed by trade, transportation and utilities (+51,000), leisure and hospitality
(+37,000) and construction (+37,000). Meanwhile, manufacturing (-19,000) was
the only sector that shed jobs last month.
The report also
showed that annual pay increases continued to slow in October. The pay gains
for job-stayers slipped from 4.7 per cent YoY in September to 4.6 per cent YoY,
the lowest since July 2021, while those for job-changers decreased from 6.7
per cent in September to 6.2 per cent YoY, the lowest since March 2021.
Commenting on the
latest report, Nela Richardson, ADP’s chief economist, noted that even amid
hurricane recovery, job growth was strong in October. “As we round out the
year, hiring in the U.S. is proving to be robust and broadly resilient,” she
added.