US private employers add 113,000 jobs in October - ADP survey

(Sharecast News) - The US economy added fewer jobs than expected in the month of October, though figures indicate a "well-rounded jobs picture", according to the closely watched ADP Employment Report. Private employers added a net 113,000 jobs last month, following the 89,000 jobs created in September, which was the slowest pace of growth since January 2021.

The consensus estimate was for a reading of 150,000.

Meanwhile, ADP said that annual pay for people in the same job was up just 5.7% year-on-year - the slowest pace of growth since October 2021. Wage increases for job-changers was 8.4% - the smallest increase since July 2021



"No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us," said Nela Richardson, chief economist at ADP.

"In all, October's numbers paint a well-rounded jobs picture. And while the labour market has slowed, it's still enough to support strong consumer spending."

The monthly ADP report is usually seen as a good barometer of labour-market activity, released two days before the government's official jobs figure; though there was a big divergence in figures in September when non-farm payrolls rose by 336,000.

Non-farm payrolls are expected to rise by 180,000 in October when official data is released on Friday.