Private Payrolls Surge by 86,000 in October, Topping Forecasts as Wage Growth Accelerates

Private employers added 86,000 jobs in October, surpassing economist expectations and signaling continued resilience in the labor market, according to payroll processor ADP’s latest report released Wednesday.

The gain exceeded the consensus estimate of 69,000 and matched the prior month’s upwardly revised figure. Hiring was broad-based across companies of all sizes, the data showed.

“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 Nela Richardson, ADP’s chief economist. “Taken together, earnings growth for these workers hit its fastest pace since March 2024.”

Source link