US Hiring in ADP Data Rises to Fastest Pace in More Than a Year
Private payrolls increased by 233,000 in October, according to the ADP Research Institute. That exceeded all estimates in a Bloomberg survey. Manufacturing was the only sector to lose jobs, while education and health services, as well as trade and transportation posted some of the strongest advances.
The ADP figures suggest the labor market remained healthy during a month where the Southeast was hit by two hurricanes and thousands of Boeing Co. workers were on strike.
“Even amid hurricane recovery, job growth was strong in October,” Nela Richardson, chief economist at ADP, said in a statement. “Hiring at US companies accelerated sharply in October with the strongest payrolls gain in over a year, highlighting surprisingly strong labor demand.”
Wage growth slowed to paces last seen in 2021. Workers who changed jobs saw a 6.2% increase in pay, and those for workers who stayed saw a 4.6% gain in ADP data published Wednesday in collaboration with Stanford Digital Economy Lab.
ADP bases its findings on payrolls covering more than 25 million US private-sector employees. The data have historically been less sensitive to natural disasters and strikes than the government’s monthly employment report, which is due Friday, according to Goldman Sachs economists
Source: Bloomberg
