Private sector added 42,000 jobs in October: ADP

Payroll company ADP said Wednesday that private sector companies added 42,000 jobs in October.

This figure is higher than the 28,000 jobs expected by economists. The number of employees for the previous month has been revised to a decrease of 29,000 from the originally reported decrease of 32,000.

“Private employers added jobs in October for the first time since July, but hiring was modest compared to what was reported earlier this year,” said Nella Richardson, chief economist at ADP. “Meanwhile, wage growth has remained roughly flat for over a year, indicating that changes in demand and supply are in balance.”

Trade, transportation and utilities led the way in October’s job creation, with 47,000 jobs added. Education and health services added 25,000 jobs, financial activities added 11,000, natural resources and mining added 7,000, and construction added 5,000.

On the downside, the information sector lost 17,000 jobs during the month, professional and business services lost 15,000 jobs, and other services lost 14,000 jobs. Leisure and hospitality lost 5,000 jobs and manufacturing lost 3,000 jobs.

Large companies (500 or more employees) added 74,000 jobs during the month. Companies with 50 to 499 employees lost 22,000 jobs. 10,000 jobs were lost in establishments with fewer than 50 employees.

The wage growth rate in September was almost unchanged from the previous month. Wages for those who remained in their jobs rose 4.5% year-on-year, while wages for those who remained in their jobs rose slightly to 6.7% from 6.6% in September.

ADP data is typically Ministry of Labor This may differ significantly from the reported number of non-farm payrolls. However, in response to the federal government shutdown, the Department of Labor announced it was suspending all policies. Announcement of economic indicators. This includes initial unemployment claims and October nonfarm payrolls data.