by Calculated Risk on 11/01/2023 08:15:00 AM
Private sector employment increased by 113,000 jobs in
October and annual pay was up 5.7 percent year-over-year, according to the October ADP® National Employment
ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital
Economy Lab (“Stanford Lab”). The ADP National Employment Report is an independent measure and
high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more
than 25 million U.S. employees.
“No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind
us,” said Nela Richardson, chief economist, ADP. “In all, October’s numbers paint a well-rounded jobs
picture. And while the labor market has slowed, it’s still enough to support strong consumer spending.”
This was below the consensus forecast of 135,000. The BLS report will be released Friday, and the consensus is for 168 thousand non-farm payroll jobs added in October.