ADP: US private-sector employers add 86,000 jobs in October
SPY•US private-sector employers added 86,000 jobs in October, matching September’s revised gain. Base pay rose 3.2% year over year, while gross pay increased 4.7%.
1. Hiring and pay
Private-sector employment increased by 86,000 jobs in October, matching September’s revised gain; September’s figure was revised down from 90,000. Service providers added 82,000 jobs, while professional and business services shed 27,000 positions for a third consecutive monthly decline. Base pay rose 3.2% year over year and gross pay increased 4.7%; job-changers’ gross pay grew 7.6%, its fastest pace since March 2024.
