Job changers' pay rose 4.8% as private payrolls grew by 86,000 in October, ADP says
Hiring matched September's downwardly revised pace and edged past the 75,000 forecast, with service industries doing most of the work.
By James Mitchell ·
Why it matters: ADP's count lands two days before the government's jobs report, where economists expect a gain of 59,000.
For information only, not investment advice.
Switching jobs is still paying. Workers who changed employers in October got 4.8% more than a year earlier, while those who stayed got 3%, payroll processor ADP reported Wednesday, according to CNBC. Private employers added 86,000 jobs, the same as September's downwardly revised total and slightly above the 75,000 economists surveyed by Dow Jones expected.
Service industries did most of the hiring, led by trade, transportation and utilities with 39,000 jobs. Professional and business services lost 27,000. Base pay rose 3.2% overall.
"Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay," said Nela Richardson, ADP's chief economist.
A Bureau of Labor Statistics report on Tuesday showed the number of people quitting their jobs at its highest level since March 2025. Quits are a sign that workers feel free to move.
ADP's count comes ahead of the Labor Department's nonfarm payrolls report on Friday. Economists surveyed by Dow Jones expect it to show 59,000 jobs added in October, after 29,000 in September.
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Tags: jobs