Private sector employers added 113,000 jobs in October, according to the latest ADP National Employment Report. This follows the addition of 89,000 jobs last month. Annual pay increased 5.7% year-over-year, down slightly from September.
“No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said Nela Richardson, ADP’s chief economist. “In all, October’s numbers paint a well-rounded jobs picture.”
Many of October’s job gains were in service-providing industries, led by education/health services (+45,000), trade/transportation/utilities (+35,000), and financial activities (+21,000). Meanwhile, professional/business services lost 10,000 jobs, after a decline of 32,000 jobs in September. Job levels changed little in goods-producing industries.
The South (+64,000) and West (+46,000) regions gained the most jobs in October, while jobs declined by 13,000 in the Midwest. With 78,000 jobs added, medium-sized businesses had the most job growth by establishment size, while small (+19,000) and large (+18,000) businesses had smaller gains.