U.S. Private Sector Adds 86,000 Jobs In October, More Than Expected
(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. grew by more than expected in the month of October.
The report said private sector employment climbed by 86,000 jobs in October, matching a downwardly revised increase in September.
Economists had expected private sector employment to rise by 70,000 jobs compared to the addition of 90,000 jobs originally reported for the previous month.
ADP said hiring showed solid growth for a second month but noted were weak spots, with the professional and business services sectors losing jobs for the third straight month.
"Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay," said ADP chief economist Dr. Nela Richardson.
She added, "Taken together, earnings growth for these workers hit its fastest pace since March 2024."
On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of October, which includes both public and private sector jobs.
Economists currently expect employment to increase by 62,000 jobs in October after rising by 29,000 jobs in September, while the unemployment rate is expected to remain unchanged at 4.2 percent.
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