​ADP National Employment Report: Private Sector Adds 233,000 Jobs in October, Annual Pay Up 4.6%

Private sector employment in the U.S. increased by 233,000 jobs in October, while annual pay for job-stayers grew by 4.6% year-over-year, according to the latest ADP National Employment Report. Produced by ADP Research in collaboration with the Stanford Digital Economy Lab, the report provides an independent, high-frequency view of the private-sector labor market based on payroll data from over 25 million U.S. employees.

“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.”

October 2024 ADP Jobs Report Highlights

Job Growth by Sector

The private sector saw its strongest job creation since July 2023, driven by robust growth in most industries. Manufacturing was the only sector to see a reduction in employment.

Goods-producing sectors: Added 22,000 jobs

Natural resources/mining: +4,000
Construction: +37,000
Manufacturing: -19,000

Service-providing sectors: Added 211,000 jobs

Trade/transportation/utilities: +51,000
Information: +7,000
Financial activities: +11,000
Professional/business services: +31,000
Education/health services: +53,000
Leisure/hospitality: +37,000
Other services: +21,000

Regional Employment Changes

Employment gains varied across U.S. regions, with the South seeing the highest increase.

Northeast: +48,000

New England: -6,000
Middle Atlantic: +54,000

Midwest: +63,000

East North Central: +51,000
West North Central: +12,000

South: +77,000

South Atlantic: +60,000
East South Central: -13,000
West South Central: +30,000

West: +44,000

Mountain: +26,000
Pacific: +18,000

Employment by Establishment Size

Large establishments led job growth, adding 140,000 jobs, while smaller establishments saw minimal gains.

Small establishments: +4,000

1-19 employees: +10,000
20-49 employees: -6,000

Medium establishments: +86,000

50-249 employees: +58,000
250-499 employees: +28,000

Large establishments: +140,000

Pay Insights

In October, pay growth slowed for both job-stayers and job-changers. Job-stayers saw a year-over-year pay increase of 4.6%, while job-changers experienced a 6.2% increase.

Median Annual Pay Change by Industry for Job-Stayers

Goods-producing sectors:

Natural resources/mining: +3.4%
Construction: +4.9%
Manufacturing: +4.5%

Service-providing sectors:

Trade/transportation/utilities: +4.4%
Information: +4.3%
Financial activities: +4.9%
Professional/business services: +4.5%
Education/health services: +5.1%
Leisure/hospitality: +4.6%
Other services: +4.8%

Median Annual Pay Change by Firm Size for Job-Stayers

Small firms:

1-19 employees: +3.9%
20-49 employees: +4.6%

Medium firms:

50-249 employees: +4.9%
250-499 employees: +4.8%

Large firms:

500+ employees: +4.6%

This article, “ADP National Employment Report: Private Sector Adds 233,000 Jobs in October, Annual Pay Up 4.6%” was first published on Small Business Trends