U.S. Hiring Picked Up Pace in October But Salaries Lose Steam
01 Novembro 2023 - 10:08AM
Dow Jones News
By Joshua Kirby
Hiring among U.S. private-sector employees ticked up a little in
October, though not as much as expected, as the labor market
tightened again, though wage growth softened slightly.
Employment in the nonfarm private sector increased by 113,000
jobs, compared with 89,000 in September, according to data from the
ADP National Employment Report released Wednesday. Economists
polled by The Wall Street Journal had expected an increase of
130,000 jobs.
The previous month, hiring had cooled much more than expected,
with jobs lost notably in the manufacturing and trade sectors.
"While the labor market has slowed, it's still enough to support
strong consumer spending," said Nela Richardson, chief economist at
the ADP.
Annual wage growth meanwhile stood at 5.7% in October, compared
with 5.9% in September. Pay data is based on the salaries of almost
10 million individual employees over a 12-month period.
"Big post-pandemic pay increases seem to be behind us,"
Richardson said.
Large employers added some 18,000 jobs in October, reversing the
previous month's losses, while small and mid-sized firms also
employed more workers. Education & health services led job
creation with 45,000 new posts, taking the title from leisure &
hospitality, the latter sector having led a post-pandemic jobs
boom, the ADP said.
Most other services and goods-producing sectors also added jobs,
though professional services and mining both bucked the trend.
By region, the southern U.S. added most jobs in October, at
64,000, while the Midwest shed posts.
The ADP estimate is based on aggregated payroll data of more
than 25 million U.S. workers and is independent from U.S. Labor
Department official data, which is set to publish figures for
October on Friday. The ADP series can diverge considerably from the
Labor Department's data, as was the case in September.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
November 01, 2023 08:53 ET (12:53 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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