US private sector employment rises 113,000 in October

According to data released by Automatic Data Processing (ADP) on Wednesday, private sector employment in the US saw a modest increase of 113,000 jobs in October. This figure, although below market expectations of 150,000, marks a slight improvement from the 89,000 jobs added in September.

Analyzing the survey results, Nela Richardson, chief economist at ADP, noted that there was no dominant industry driving the hiring this month. She also highlighted that the substantial post-pandemic wage hikes appear to be a thing of the past. Richardson added, “October’s numbers present a balanced employment picture. Despite the slowdown in the labor market, it remains robust enough to sustain strong consumer spending.”

Further insights from the report revealed a positive note, with annual pay showing a significant increase of 5.7% year-over-year in October. This data suggests a positive trend in wage growth, indicating stability and potential resilience in the job market despite the challenges faced.