US ADP report revealed robust private sector job growth in October, with employment rising by 233k, well above the forecasted 110k. Sector-wise, service-providing jobs led the way with a 211k increase, while goods-producing jobs added 22k.
By company size, large businesses contributed the most with 140k jobs, followed by medium-sized firms at 86k, and small companies at 4k.
Wage growth trends continued to ease, with year-over-year pay gains for job-stayers slowing to 4.6% and for job-changers to 6.2%.
ADP Chief Economist Nela Richardson highlighted the labor market’s resilience, noting that “even amid hurricane recovery, job growth was strong in October.” As the year approaches its end, the U.S. hiring remains “robust and broadly resilient.”
