ADP reported that companies added 113,000 workers for the month, higher than the 89,000 in September but below the estimate of 130,000.
Education and health services led with 45,000 new jobs. Other notable gainers included trade, transportation and utilities, financial activities and leisure and hospitality.
Private sector payroll growth increased modestly in October but missed expectations, in a potential sign that the employment picture could be darkening, ADP reported Wednesday.On wages, ADP said pay was up 5.7% from a year ago, the smallest annual gain since October 2021. From a sector standpoint, education and health services led with 45,000 new jobs. Other notable gainers included trade, transportation and utilities , financial activities , and leisure and hospitality .
Almost all of the jobs came from services-providing industries, with goods producers contributing just 6,000 towards the total.us," said ADP chief economist Nela Richardson."In all, October's numbers paint a well-rounded jobs picture. And while the labor market has slowed, it's still enough to support strong consumer spending."
The release comes two days ahead of the Labor Department's official nonfarm payrolls report, which is expected to show an increase of 170,000 and includes government jobs, unlike ADP. The counts from ADP and the government can differ substantially, as they did in September when the Labor Department
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