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1h ago

ADP Says Private Employers Added 42,000 Jobs in October

With official BLS data paused by the government shutdown, markets are leaning on ADP’s proxy despite its known limitations.

People wait in a line outside a newly reopened career center for in-person appointments in Louisville, Kentucky, U.S., April 15, 2021. REUTERS/Amira Karaoud
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Overview

  • Job gains were concentrated in trade, transportation and utilities (+47,000) and in education and health services (+26,000), while information (-17,000), professional and business services (-15,000), leisure and hospitality (-6,000) and manufacturing (-3,000) lost jobs.
  • Large employers with 500 or more workers added 73,000 positions as small (-10,000) and mid-sized (-21,000) firms cut headcount.
  • Year-over-year pay growth was unchanged at 4.5% for job-stayers and 6.7% for job-changers, indicating steady wage trends.
  • The increase exceeded some forecasts such as the Dow Jones estimate for 22,000 and followed a revised September decline of 29,000.
  • Economists cautioned that ADP’s sample is limited to its payroll clients and has historically diverged from BLS nonfarm payrolls, making it a complementary indicator.