Oct. 30 (UPI) — Private payroll growth in October exceeded Wall Street expectations, ADP said in its monthly report Wednesday.
The National Employment Report showed that private companies added 233,000 jobs to the economy in October for their best showing in more than a year.
The report said the private non-farm jobs topped the Dow Jones forecast of 113,000 jobs created and comes despite Hurricane Helene and Hurricane Milton ravaging the Southeast over the same period. It was the best job-creation report since July 2023.
The total was more than the revised total of 159,000 jobs created in the private sector in September.
Companies with more than 500 employees led the hiring surge, adding 140,000 jobs to their payrolls. Education and health services created 53,000 jobs in October, while the trades, transportation, and utility sector added 51,000 jobs, followed by the construction and leisure and hospitality sectors which added 37,000 jobs each.
“Even amid hurricane recovery, job growth was strong in October,” Nela Richardson, ADP chief economist said in a statement. “As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient.”
On the flipside, manufacturing lost 19,000 jobs in October while small businesses with 20-49 employees contracted 6,000 jobs. Those small business losses, however, were absorbed by the businesses with 1-19 employees, which created 10,000 jobs this month.
