ADP National Employment Report: Private Sector Employment Increased by 233,000 Jobs in October; Annual Pay was Up 4.6%
Rhea-AI Summary
The October 2024 ADP National Employment Report shows private sector employment increased by 233,000 jobs, marking the highest level since July 2023. The report indicates annual pay growth of 4.6% for job-stayers and 6.2% for job-changers. Service-providing sectors led job growth with 211,000 new positions, while manufacturing was the only sector showing job losses (-19,000). The report, based on anonymized payroll data from over 25 million U.S. employees, demonstrates robust hiring despite hurricane recovery efforts. September's job addition figures were revised upward from 143,000 to 159,000.
Positive
- Strong job growth with 233,000 new private sector jobs added
- Service-providing sectors added 211,000 jobs
- Upward revision of September employment figures from 143,000 to 159,000
- Continued wage growth with 4.6% increase for job-stayers
Negative
- Manufacturing sector lost 19,000 jobs
- Pay gains for job-stayers continued two-year slowdown
- Job-changers' pay gains decreased to 6.2%
News Market Reaction – ADP
In the trading session that priced this news, ADP gained 1.68%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
The jobs report and pay insights use ADP's fine-grained anonymized and aggregated payroll data to provide a representative picture of the private-sector labor market. The report details the current month's total private employment change, and weekly job data from the previous month. Because the underlying ADP payroll databases are continuously updated, the report provides a high-frequency, near real-time measure of
"Even amid hurricane recovery, job growth was strong in October," said Nela Richardson, chief economist, ADP. "As we round out the year, hiring in the
October 2024 Report Highlights*
View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.
JOBS REPORT
Private employers added 233,000 jobs in October
Job creation hit its highest level since July 2023 as the economy worked through hurricane recovery. Manufacturing was the only sector to shed jobs.
Change in
Change by Industry Sector
- Goods-producing: 22,000
- Natural resources/mining 4,000
- Construction 37,000
- Manufacturing -19,000
- Service-providing: 211,000
- Trade/transportation/utilities 51,000
- Information 7,000
- Financial activities 11,000
- Professional/business services 31,000
- Education/health services 53,000
- Leisure/hospitality 37,000
- Other services 21,000
Change by
- Northeast: 48,000
- New England -6,000
- Middle Atlantic 54,000
- Midwest: 63,000
- East North Central 51,000
- West North Central 12,000
- South: 77,000
- South Atlantic 60,000
- East South Central -13,000
- West South Central 30,000
- West: 44,000
- Mountain 26,000
- Pacific 18,000
Change by Establishment Size
- Small establishments: 4,000
- 1-19 employees 10,000
- 20-49 employees -6,000
- Medium establishments: 86,000
- 50-249 employees 58,000
- 250-499 employees 28,000
- Large establishments: 140,000
- 500+ employees 140,000
PAY INSIGHTS
Pay gains slowed in October
Year-over-year pay gains for job-stayers dipped to 4.6 percent, continuing a two-year slowdown. For job-changers, pay gains slowed to 6.2 percent.
Median Change in Annual Pay (ADP matched person sample)
- Job-Stayers
- Job-Changers 6.
Median Change in Annual Pay for Job-Stayers by Industry Sector
- Goods-producing:
- Natural resources/mining
3.4% - Construction
4.9% - Manufacturing
4.5%
- Service-providing:
- Trade/transportation/utilities
4.4% - Information
4.3% - Financial activities
4.9% - Professional/business services
4.5% - Education/health services
5.1% - Leisure/hospitality
4.6% - Other services
4.8%
Median Change in Annual Pay for Job-Stayers by Firm Size
- Small firms:
- 1-19 employees
3.9% - 20-49 employees
4.6%
- Medium firms:
- 50-249 employees
4.9% - 250-499 employees
4.8%
- Large firms:
- 500+ employees
4.6%
To see Pay Insights by
* Sum of components may not equal total due to rounding.
The September total of jobs added was revised from 143,000 to 159,000. The historical data file and weekly data for the previous month are available at https://adpemploymentreport.com/.
To subscribe to monthly email alerts or obtain additional information about the ADP National Employment Report, including employment and pay data, interactive charts, methodology, and a calendar of release dates, please visit https://adpemploymentreport.com/.
The November 2024 ADP National Employment Report will be released at 8:15 a.m. ET on December 4, 2024.
About the ADP® National Employment Report™
The ADP National Employment Report is an independent measure of the change in
The ADP National Employment Report is broadly distributed to the public each month, free of charge, as part of the company's commitment to offering deeper insights of the
About the ADP Research
The mission of ADP Research is to make the future of work more productive through data-driven discovery. Companies, workers, and policymakers rely on our finely tuned data and unique perspective to make informed decisions that impact workplaces around the world.
About ADP (NASDAQ – ADP)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com
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SOURCE ADP, Inc.