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Private sector hiring growth exceeds expectations in October

Posted on by Bobb
Private sector hiring growth exceeds expectations in October

Key Findings

  • ADP’s National Employment Report showed the number of private employers increased by 233,000 in October, well above the 113,000 economists had expected.
  • This is the highest level of private sector hiring in more than a year.
  • The increase came despite two hurricanes and a workers’ strike, which economists expected would weigh on the labor market.

While employers may have reduced the number of job openings, this did not contribute to the slowdown in private sector hiring in October.

ADP National Employment Report showed that private sector employers added 233,000 jobs in October. That’s more than double the 113,000 economists surveyed. Wall Street Journal And Dow Jones News Feed More than 159,000 people are expected to be hired in September.

This is the highest level of private sector hiring since July 2023, according to ADP. The rise came despite economists’ expectations that recent storms and labor strikes could weigh on this month’s data.

“Even amid the recovery from the hurricane, job growth was strong in October,” said Nela Richardson, chief economist at ADP. “After a year, U.S. hiring appears resilient and generally resilient.”

Hiring increase outpaces closely watched jobs report

The results will be released ahead of the release of a long-awaited US jobs report on Friday, which will be one of the last economic data before the November 5 presidential election next week.

Economists expect that report shows job creation has slowedpartly because aftermath of hurricanes Helen and Milton And Boeing strike (bachelor) workers.

The jobs report will also be of interest to Federal Reserve officials, who said they are closely monitoring the labor market as they decide whether to cut interest rates further. The central bank’s policy-making committee will meet next week after the election.

The report follows Research on vacancies and labor turnover published earlier this week, which showed employers listed the lowest number of vacancies in September in three years.