Companies in the private sector added 86,000 jobs in October, payroll processing firm ADP said in its latest report on Wednesday.
The figure is above economists’ estimates of a gain of 69,000 jobs and up from the prior month’s revised 86,000 payrolls.
“Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay,” said ADP chief economist Nela Richardson. “Taken together, earnings growth for these workers hit its fastest pace since March 2024.”
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