U.S. Private Employers Add 233,000 Jobs in October, Largest Gain Since July, Doubling Forecasts

Oct 30, 2024, 12:21 PM

U.S. private employers added 233,000 jobs in October, significantly surpassing economists' forecasts and marking the largest gain since July 2023, according to the latest ADP National Employment Report. Analysts had anticipated a rise of approximately 110,000 to 115,000 jobs, but the actual figures more than doubled those estimates. The previous month's job growth was also revised upward from 143,000 to 159,000. The report indicated that hiring was robust and broadly resilient across sectors, with all industries adding jobs except manufacturing, which shed 19,000 positions. Large companies contributed heavily to the job growth, adding 140,000 positions, while medium-sized firms with 20 to 49 employees reduced their workforce by 6,000 jobs. Despite concerns that recent hurricanes and labor strikes at Boeing and ports on the Eastern seaboard might dampen hiring, the labor market demonstrated strong momentum. Wage growth for job-stayers showed a median annual increase of 4.6%, slightly down from 4.7% in the prior month.