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ADP National Employment Report Increased by 113,000 jobs in October 2023
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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 ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
“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.”
October 2023 Report Highlights*
JOBS REPORT
Private employers added 113,000 jobs in October
Leisure and hospitality hiring led the post-pandemic job recovery. But the industry ceded its place as the top job creator last month to education and health care.
PAY INSIGHTS
Pay growth slowed to two-year low in October
Job-stayers reported a 5.7 percent year-over-year pay increase in October, the slowest pace of growth since October 2021. Pay growth for job-changers was 8.4 percent, the smallest increase since July 2021.
The September total of jobs added remained unchanged with no revision at 89,000.
Posted: November 1, 2023 Wednesday 08:15 AM