ADP Employment Report for October 2024

ADP Report: 143K Jobs Added in September, Highest Since June, Exceeding Expectations

Oct 2, 2024, 12:39 PM

The ADP September employment report revealed a net increase of 143,000 private sector jobs, surpassing the estimated 120,000. This marks the highest job growth since June, with hiring being broad across industries, particularly in leisure, hospitality, and construction. However, small businesses experienced net losses, reflecting a marginal decline similar to Paychex data. Year-over-year pay gains for job-stayers fell slightly to 4.7%, while job-changers saw a more significant decline from 7.3% in August to 6.6% in September. ADP's chief economist, Nela Richardson, noted that stronger hiring did not necessitate stronger pay growth last month. Despite the positive job numbers, the labor market shows signs of tightening, with fewer workers switching jobs and securing substantial raises. The information sector was the only sector to cut jobs.