Signs of stabilization are emerging in the U.S. labor market as private employers keep hiring at a modest pace in October. Companies add 86,000 jobs during the month, matching a downwardly revised September total and coming in slightly above economists' expectations.
Highlights
- ADP reports October U.S. private employment growth led by services, with trade, transportation and utilities adding 39,000 jobs and education and health services 28,000.
- Salaries climb, with job-changers seeing 4.8% annual pay growth and overall base pay up 3.2%, hitting fastest pace since March 2024.
- ADP data precedes Friday's BLS nonfarm payrolls report, with economists expecting 59,000 new jobs after September's 29,000 gain and quits at highest since March 2025.
October hiring trends across sectors
As reported by CNBC, citing ADP, employment gains are concentrated in services, with trade, transportation and utilities adding 39,000 jobs, education and health services contributing 28,000, and leisure and hospitality adding 19,000.Other areas posting increases include financial activities with 15,000 jobs, construction with 13,000, and other services with 10,000. Offsetting part of that growth, professional and business services lose 27,000 jobs, natural resources and mining shed 8,000, and information services decline by 2,000.
By company size, businesses with 50 to 499 employees add 33,000 jobs in October. Large companies add 24,000, while small firms increase payrolls by 28,000.
Pay growth and BLS report in focus
Salaries continue to rise, especially for workers changing jobs, who see annual pay growth of 4.8%. Overall base pay rises 3.2%, gross pay increases 4.7% from a year earlier, and pay for employees staying in their roles grows 3%.ADP chief economist Nela Richardson says employers of all sizes are hiring and that job-changers are being drawn by bonuses, overtime and longer hours in addition to higher base pay. She says earnings growth for those workers reaches its fastest pace since March 2024.
The ADP figures come ahead of the Bureau of Labor Statistics nonfarm payrolls report due Friday. Economists surveyed by Dow Jones expect the October BLS reading to show a gain of 59,000 jobs after September's increase of 29,000, while a separate BLS report released Tuesday shows quits reaching their highest level since March 2025.
Our earlier article on early-career job-hopping explained that frequent job changes can be a major driver of wage growth, helping workers improve pay and find better long-term job matches. It highlighted research suggesting that avoiding moves early in a career may limit earnings growth, despite cultural skepticism toward short tenures.
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