Businesses added 86,000 workers to their payrolls in October, ADP Research said Wednesday.
This matched the prior month’s revised estimate and beat even the most optimistic expectations of economists surveyed by Econoday.
“Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay. Taken together, earnings growth for these workers hit its fastest pace since March 2024,” said ADP economist Nela Richardson.
Trade, transportation, and utilities was the strongest sector, adding 39,000 jobs. Construction added 13,000. Education and health services payrolls expanded by 28,000. Leisure and hospitality added 19,000. The financial sector added 15,000. ADP’s “other services” category added 10,000.
Manufacturing payrolls slipped by 1,000. Mining and natural resources saw payrolls contract by 8,000. Information jobs shrank by 2,000. Professional and business services fell by 27,000.
Businesses with under 50 employees added 28,000. Those with between 50 and 499 added 33,000. Larger businesses added 24,000.
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