U.S. private-sector employment rises by 86,000 in October, signaling labor market stability

【Financial News, New York = Correspondent Lee Byung-cheol】  U.S. private-sector employment in October exceeded market expectations, signaling that the labor market is stabilizing.
ADP, a U.S. private employment data provider, said in its employment report released on the 4th (local time) that private-sector employment rose by 86,000 in October from the previous month. That exceeded the market forecast of 75,000.
By industry, the services sector led job growth. Employment increased by 39,000 in trade, transportation and utilities, and by 28,000 in education and health services. Employment also rose by 19,000 in leisure and hospitality and by 15,000 in financial activities. Construction and other services added 13,000 and 10,000 jobs, respectively.
By contrast, professional and business services lost 27,000 jobs, while natural resources and mining employment fell by 8,000. Employment in information services, which could be affected by the expansion of artificial intelligence (AI) infrastructure, also fell by 2,000.
By company size, employment at midsize companies with 50 to 499 employees increased by 33,000. Large companies added 24,000 jobs, while small companies added 28,000. This means hiring was broad-based rather than concentrated in companies of a particular size.
Wage growth also continued. The increase was especially pronounced among workers who changed jobs. Wages for job changers rose 4.8% year over year, while wage growth for workers who stayed in their existing jobs was just 3%. Base pay for all workers rose 3.2%, and total pay, including bonuses and overtime, increased 4.7%.
ADP Chief Economist Nela Richardson said, "Last month, companies of all sizes were hiring," adding, "Job changers appear to have switched jobs in response to a combination of factors, including not only higher base pay but also bonuses, overtime pay and increased work hours." 




[email protected] Correspondent Lee Byung-cheol Reporter