Private Employers Add 86,000 Jobs in October, Beating Forecasts, ADP Says

Private employers added 86,000 jobs in October, topping the 69,000 economists expected, according to ADP's report released Wednesday.

ADP chief economist Nela Richardson said earnings growth for job-changers "hit its fastest pace since March 2024," which she attributed to bonuses, overtime, extra hours and higher base pay.

Trade, transportation and utilities led with 39,000 new jobs, followed by education and health services at 28,000, leisure and hospitality at 19,000, financial activities at 15,000 and construction at 13,000. Professional and business services lost 27,000 jobs, natural resources and mining 8,000, information 2,000 and manufacturing 1,000.

Hiring was spread across employer sizes: 33,000 jobs at firms with 50 to 499 employees, 28,000 at firms under 50 and 24,000 at firms with 500 or more. September's ADP figure was revised to 86,000.

ADP often differs from the Labor Department's numbers. The government's October payrolls report is due Friday morning; economists expect a gain of 65,000 jobs and an unemployment rate holding at 4.2%.