ADP: Private Sector Employment Increased by 113,000 Jobs in October; Annual Pay was Up 5.7%
Monday, November 6th, 2023
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 ReportTMproduced 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."