US private sector employment increases by 86,000 in October.
US private sector employment increased by 86,000 in October, according to ADP, exceeding expectations for a 69,000 gain and matching September's upwardly revised reading.
Source: Sharecast
Hiring remained resilient for a second consecutive month, with job creation spread across businesses of all sizes. Mid-sized firms led the way with 33,000 new jobs, followed by small businesses with 28,000 and large companies with 24,000.
The services sector accounted for the bulk of employment growth, with trade, transportation and utilities adding 39,000 jobs, while education and health services and leisure and hospitality added 28,000 and 19,000, respectively.
However, professional and business services shed 27,000 jobs for a third straight month.
ADP chief economist Nela Richardson said pay growth for employees changing jobs accelerated to its fastest pace since March 2024, supported by higher salaries, bonuses, overtime payments and longer working hours.
Reporting by Iain Gilbert at Sharecast.com
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