Financial News: U.S. Private Sector Employment Surges By 233,000 Jobs

U.S. Private Sector Employment Surges By 233,000 Jobs In October, Much More Than Expected

10/30/2024 - 09:01:00 (RTTNews)

(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. shot up by much more than anticipated in the month of October.

ADP said private sector employment surged by 233,000 jobs in October after jumping by an upwardly revised 159,000 jobs in September.

Economists had expected private sector employment to climb by 115,000 jobs compared to the addition of 143,000 jobs originally reported for the previous month.

"Even amid hurricane recovery, job growth was strong in October," said ADP chief economist Nela Richardson. "As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient."

The report said employment in the service-providing sector spiked by 211,000 jobs amid notable growth in education/health services and trade/transportation/utilities jobs.

Employment in the goods-producing sector also rose by 22,000 jobs, as increases in construction and mining jobs more than offset a dip in manufacturing jobs.

Meanwhile, ADP said year-over-year pay gains for job-stayers dipped to 4.6 percent, continuing a two-year slowdown, while pay gains for job-changers slowed to 6.2 percent.

The Labor Department is scheduled to release its more closely watched report on the employment situation in the month of October on Friday.

Economists currently expect employment to rise by 115,000 jobs in October after jumping by 254,000 jobs in September, while the unemployment rate is expected to hold at 4.1 percent.

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