ADP National Employment Report for November 2024

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

Oct 30, 2024, 12:19 PM

U.S. private sector employment surged in October with employers adding 233,000 jobs, according to the ADP National Employment Report. This figure significantly surpasses economists’ expectations of around 110,000 to 115,000 and marks the largest monthly increase since July 2023. The prior month's employment numbers were also revised upward from 143,000 to 159,000. The robust hiring occurred despite anticipated slowdowns due to factors such as hurricanes affecting the Southeast and labor strikes at Boeing and ports on the Eastern seaboard. Notably, all sectors added jobs except manufacturing, which saw a decrease of 19,000 positions. Large companies led the growth, with very large firms adding 140,000 jobs, while mid-sized companies with 20–49 employees reduced their workforce by 6,000. Additionally, the median change in annual pay for job-stayers was 4.6%, slightly down from 4.7% in the previous report.