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ADP: Private Sector Employment Increased by 113,000 Jobs in October; Annual Pay was Up 5.7%

Monday, November 6th, 2023

Private sector employment increased by 113,000 jobs in October and annual pay was up 5.7 percent year-over-year, according to the October ADP® National Employment ReportTMproduced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab ("Stanford Lab"). The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25 million U.S. employees.

The jobs report and pay insights use ADP's fine-grained anonymized and aggregated payroll data to provide a representative picture of the private-sector labor market. The report details the current month's total private employment change, and weekly job data from the previous month. Because the underlying ADP payroll databases are continuously updated, the report provides a high-frequency, near real-time measure of U.S. employment. This measure reflects the number of employees on ADP client payrolls (Payroll Employment) to provide a richer understanding of the labor market. ADP's pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.

"No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us," said Nela Richardson, chief economist, ADP. "In all, October's numbers paint a well-rounded jobs picture. And while the labor market has slowed, it's still enough to support strong consumer spending."