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Key Takeaways
- The ADP National Employment Report showed that private employers added 233,000 in October, well over the 113,000 that economists expected.
- It’s the highest level of private-sector hiring in more than a year.
- The increase comes despite two hurricanes and a labor strike that economists expected to affect the labor market.
While employers may have cut back on job openings, it didn’t do anything to slow down private-sector hiring in October.
The ADP National Employment Report showed that private-sector employers added 233,000 jobs in October. That was more than double the 113,000 that economists surveyed by The Wall Street Journal and Dow Jones Newswire expected to see and above the 159,000 hires reported in September.
It’s the highest level of private-sector hiring since July 2023, ADP said. The growth came despite economists’ expectations that recent storms and labor strikes could influence the data this month.
“Even amid hurricane recovery, job growth was strong in October,” said Nela Richardson, chief economist at ADP. “As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient.”
Hiring Increase Comes Ahead of Closely Watched Jobs Report
The results come ahead of the release of a highly anticipated U.S. jobs report on Friday, which will be one of the last pieces of economic data before the Nov. 5 presidential election next week.
Economists expect that the report will show job creation slowed, partly due to the impacts of hurricanes Helene and Milton and a strike by Boeing (BA) workers.
The jobs report will also interest Federal Reserve officials, who have said they are closely monitoring the labor market as they evaluate whether to cut interest rates further. The central bank’s policymaking committee meets next week after the election.
The report follows the Job Openings and Labor Turnover Survey released earlier this week, which showed that employers in September listed the fewest number of job openings in three years.
