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Private sector companies created 86,000 jobs in October, payroll processing company ADP said in its latest report on Wednesday.
That figure is higher than economists’ estimates of a gain of 69,000 jobs and up from the previous month’s revised 86,000 jobs.
“Employers of all sizes hired last month, and our data suggests job changers were attracted by a combination of bonuses, overtime and overtime pay in addition to a higher base salary,” said Nela Richardson, ADP chief economist. “Overall, income growth for these workers reached its fastest pace since March 2024.”
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Which industries hire the most workers, according to the ADP report?
Commerce, transportation and utilities added 39,000 positions, leading job creation in October. Education and health services added 28,000 positions, while leisure and hospitality added 19,000 positions.
Education and health services dominated hiring in September, according to ADP. (iStock)
Financial activities created 15,000 jobs during the month, construction 13,000 and other services 10,000.
A financial advisor helps a woman plan for retirement. (Getty Images)
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On the negative side, professional and business services lost 27,000 jobs, while natural resources and mining lost 8,000. Information and manufacturing lost 2,000 and 1,000 jobs, respectively.
The mining sector lost 1,000 in September, ADP said. (William Luque/Getty Images)
Large businesses – those with 500 or more employees – created 24,000 jobs in October. Hiring in companies with 50 to 499 employees totaled 33,000 and establishments with fewer than 50 employees gained 28,000 jobs.
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The ADP data is released ahead of the Labor Department’s nonfarm payrolls report, which is expected Friday morning and may differ significantly. Government data is expected to show an increase of 65,000 positions, below the unexpected loss of 29,000 reported in September. The unemployment rate is expected to remain at 4.2%.
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