From CNBC · Jeff Cox · · 1m 10s
Private sector adds 86,000 jobs in October
ADP reports steady job growth across most sectors, with job-changers seeing significant pay gains as labor market shows signs of stabilization.
In brief
ADP reports steady job growth across most sectors, with job-changers seeing significant pay gains as labor market shows signs of stabilization. Private companies added eighty six thousand jobs in October, matching September and beating forecasts, as job-changers secured higher pay and more workers quit their jobs…
Private sector adds 86,000 jobs
ADP reported Wednesday that private companies added eighty six thousand jobs in October, unchanged from September and slightly ahead of the Dow Jones estimate for seventy five thousand.
Service sector leads job gains
Trade, transportation and utilities added thirty nine thousand jobs. Education and health services added twenty eight thousand, and leisure and hospitality contributed nineteen thousand. Professional and business services declined by twenty seven thousand.
Job-changers see biggest pay gains
Workers changing jobs saw a four point eight percent annual pay gain.Overall base pay rose three point two percent, while gross pay increased four point seven percent annually.
“Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay.”
BLS report due Friday
The ADP report precedes the Bureau of Labor Statistics nonfarm payrolls count due Friday. Economists surveyed by Dow Jones expect the BLS report to show a gain of fifty nine thousand after September's modest growth…
What to remember
Private companies added eighty six thousand jobs in October, matching September and beating forecasts, as job-changers secured higher pay and more workers quit their jobs.
