Developing story
Private companies added 86,000 jobs in October, according to payroll processor ADP, beating economists’ forecasts. The government’s own jobs report is due Friday, Nov. 6, and ADP’s numbers can differ from it.
Private employers added 86,000 jobs in October, payroll processor ADP reported on Nov. 4. According to CNBC, that matched September’s revised total. Both Fox Business and CNBC said it beat forecasts.
The forecasts differed by outlet. Fox Business put economists’ estimate at 69,000. CNBC cited a Dow Jones estimate of 75,000.
Where the jobs were
Trade, transportation and utilities was the top performer, adding 39,000 positions. Education and health services brought on 28,000 workers, while leisure and hospitality gained 19,000. Financial activities contributed 15,000 jobs, construction 13,000, and other services 10,000.
Professional and business services lost 27,000 jobs, and natural resources and mining lost 8,000. Information lost 2,000 and manufacturing lost 1,000, according to Fox Business.
Firms with 50 to 499 workers added 33,000 jobs. Small firms with fewer than 50 added 28,000, and large firms added 24,000.
Pay
ADP chief economist Nela Richardson said, “Employers of all sizes were hiring last month.” She said earnings growth for job-changers hit its fastest pace since March 2024.
CNBC reported that workers who changed jobs saw pay rise 4.8% over the year. Base pay for all workers rose 3.2%, and pay for those who stayed in their jobs rose 3%.
What is not settled
The Labor Department’s nonfarm payrolls report is due Friday, Nov. 6. Fox Business noted that it can differ notably from ADP’s count.
Forecasts for that report differ. Fox Business cited 65,000 jobs, while CNBC cited a Dow Jones estimate of 59,000. The two outlets also disagreed on September: Fox Business reported a 29,000 loss, while CNBC reported a 29,000 gain.
This story is developing and will be updated.
Sources
What it means for you
- Workers who switched jobs saw pay rise 4.8% over the year, compared with 3% for those who stayed, according to ADP data reported by CNBC.
- Hiring was uneven. Professional and business services lost 27,000 jobs while trade, transportation and utilities added 39,000.
- Watch the Labor Department’s jobs report on Friday, Nov. 6, which can differ notably from ADP’s count.