Private sector employment increased by 113,000 jobs in October and annual pay was up 5.7 percent year-over-year, according to the October ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab.
According to the Department of Labor, employment increased by 150,000 in October, and the unemployment rate changed little at 3.9 percent. The job gain was a sharp decline from the gain of 297,000 in September.
The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25 million U.S. employees.
The report details the current month’s total private employment change, and weekly job data from the previous month. Because the underlying ADP payroll databases are continuously updated, the report provides a high-frequency, near real-time measure of U.S. employment.
“No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said Nela Richardson, chief economist, ADP. “In all, October’s numbers paint a well-rounded jobs picture. And while the labor market has slowed, it’s still enough to support strong consumer spending.”
Drilling down ADP’s numbers
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“No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said Nela Richardson, chief economist, ADP. “In all, October’s numbers paint a well-rounded jobs picture. And while the labor market has slowed, it’s still enough to support strong consumer spending.” - SKIMS Named Official Underwear Partner of the NBA, WNBA and USA Basketball
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