ADP National Employment Report: Private Sector Added 233,000 Jobs in October, Annual Payrolls Up 4.6%.

U.S. private sector employment rose by 233,000 jobs in October, and annual wages for those in the workforce grew 4.6% year-over-year, according to the latest ADP National Employment Report. Produced by ADP Research in partnership with the Stanford Digital Economy Lab, this report provides an independent, up-to-date view of the private sector labor market based on payroll data from more than 25 million US workers.

“Even in the middle of the storm, job growth was strong in October,” said Nela Richardson, Chief Economist at ADP. “As we close out the year, hiring in the US appears stronger and stronger.”

October 2024 ADP Jobs Report Highlights

Job Growth by Sector

The private sector has seen the strongest job creation since July 2023, driven by strong growth in many industries. Manufacturing was the only sector that saw a decline in jobs.

• Sectors that produce goods: Added 22,000 jobs
  • Natural resources/mining: +4,000
  • Construction: +37,000
  • Production: -19,000
• Sectors that provide services: Added 211,000 jobs
  • Trade/transportation/services: +51,000
  • Information: +7,000
  • Financial services: +11,000
  • Technical/business services: +31,000
  • Education/health services: +53,000
  • Leisure/hospitality: +37,000
  • Other services: +21,000

Regional Changes in Employment

Employment gains have varied across US states, with the South seeing the highest increases.

• In the northeast: +48,000
  • New England: -6,000
  • Mid-Atlantic: +54,000
• Midwest: +63,000
  • East North Central: +51,000
  • West North Central: +12,000
• The South: +77,000
  • South Atlantic: +60,000
  • East South Central: -13,000
  • West South Central: +30,000
• In the west: +44,000
  • Mountain: +26,000
  • Pacific: +18,000

Employment by Establishment Size

Larger establishments led the way in job growth, adding 140,000 jobs, while smaller establishments experienced smaller gains.

• Small institutions: +4,000
  • 1-19 employees: +10,000
  • Workers 20-49: -6,000
• Central institutions: +86,000
  • 50-249 employees: +58,000
  • 250-499 employees: +28,000
• Large institutions: +140,000

Pay details

In October, wage growth slowed for both job-holders and job-changers. Those who were unemployed increased year-on-year by 4.6%, while those who changed jobs increased by 6.2%.

Average Annual Wage Change by Residential Worker Industry

• Sectors that produce goods:
  • Natural resources/mining: +3.4%
  • Construction: +4.9%
  • Productivity: +4.5%
• Sectors that provide services:
  • Trade/transport/services: +4.4%
  • Information: +4.3%
  • Financial services: + 4.9%
  • Professional/business services: +4.5%
  • Education/health services: +5.1%
  • Leisure/visitors: +4.6%
  • Other services: +4.8%

Average Annual Wage Change by Firm Size of In-Work Workers

• Small firms:
  • 1-19 employees: + 3.9%
  • Workers 20-49: +4.6%
• Intermediate firms:
  • 50-249 employees: + 4.9%
  • 250-499 employees: + 4.8%
• Large firms: