ROSELAND, N.J., Nov. 1, 2023
/PRNewswire/ -- 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
ReportTM produced 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."
October 2023 Report
Highlights*
View the ADP National Employment Report and interactive
charts at www.adpemploymentreport.com.
JOBS REPORT
Private employers added 113,000 jobs in
October
Leisure and hospitality hiring led the post-pandemic
job recovery. But the industry ceded its place as the top job
creator last month to education and health care.
Change in U.S. Private Employment:
113,000
Change by Industry Sector
- Goods-producing: 6,000
- Natural resources/mining -1,000
- Construction 4,000
- Manufacturing 3,000
- Service-providing:
107,000
- Trade/transportation/utilities 35,000
- Information 0
- Financial activities 21,000
- Professional/business services -10,000
- Education/health services 45,000
- Leisure/hospitality 17,000
- Other services -1,000
Change by U.S. Regions
- Northeast: 21,000
- New England 4,000
- Middle Atlantic 17,000
- Midwest: -13,000
- East North Central -17,000
- West North Central 4,000
- South: 64,000
- South Atlantic 34,000
- East South Central 5,000
- West South Central 25,000
- West: 46,000
- Mountain 6,000
- Pacific 40,000
Change by Establishment Size
- Small establishments: 19,000
- 1-19 employees 21,000
- 20-49 employees -2,000
- Medium establishments: 78,000
- 50-249 employees 96,000
- 250-499 employees -18,000
- Large establishments: 18,000
PAY INSIGHTS
Pay growth slowed to two-year low in
October
Job-stayers reported a 5.7 percent year-over-year
pay increase in October, the slowest pace of growth since
October 2021. Pay growth for
job-changers was 8.4 percent, the smallest increase since
July 2021.
Median Change in Annual Pay (ADP matched person
sample)
- Job-Stayers 5.7%
- Job-Changers 8.4%
Median Change in Annual Pay for Job-Stayers by Industry
Sector
-
Goods-producing:
- Natural resources/mining 5.3%
- Construction 5.8%
- Manufacturing 5.2%
-
Service-providing:
- Trade/transportation/utilities 5.5%
- Information 5.1%
- Financial activities 6.1%
- Professional/business services 5.6%
- Education/health services 6.3%
- Leisure/hospitality 6.6%
- Other services 5.9%
Median Change in Annual Pay for Job-Stayers by Firm
Size
- Small
firms:
- 1-19 employees 4.9%
- 20-49 employees 5.8%
- Medium
firms:
- 50-249 employees 5.9%
- 250-499 employees 5.8%
- Large
firms:
To see Pay Insights by U.S. State, Gender, and Age for
Job-Stayers, visit here:
* Sum of components may not equal total, due to rounding.
The September total of jobs added remained unchanged with no
revision at 89,000. The historical data file, and weekly data for
the previous month, is available at
https://adpemploymentreport.com/.
To subscribe to monthly email alerts or obtain additional
information about the ADP National Employment Report, including
employment and pay data, interactive charts, methodology, and a
calendar of release dates, please visit
https://adpemploymentreport.com/.
The November 2023 ADP National
Employment Report will be released at 8:15 a.m. ET on December
6, 2023.
About the ADP® National Employment
ReportTM
The ADP National Employment Report
is an independent measure of the change in U.S. private employment
and pay derived from actual, anonymized payroll data of client
companies served by ADP, a leading provider of human capital
management solutions. The report is produced by ADP Research
Institute in collaboration with the Stanford Digital Economy
Lab.
The ADP National Employment Report is broadly distributed to the
public each month, free of charge, as part of the company's
commitment to offering deeper insights of the U.S. labor market and
providing businesses and governments with a source of credible and
valuable information.
About the ADP Research Institute®
The ADP
Research Institute delivers data-driven discoveries about the world
of work and derives reliable economic indicators from these
insights. We offer these findings as a unique contribution to
making the world of work better and more productive by delivering
actionable insights to the economy at large.
About ADP (NASDAQ – ADP)
Designing better ways to work
through cutting-edge products, premium services and exceptional
experiences that enable people to reach their full potential.
HR, Talent, Time Management, Benefits and Payroll. Informed by data
and designed for people. Learn more at ADP.com
ADP, the ADP logo, and Always Designing for People,
ADP National Employment Report, and ADP Research Institute are
registered trademarks of ADP, Inc. All other marks are the property
of their respective owners.
Copyright © 2023 ADP, Inc. All rights reserved.
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SOURCE ADP, Inc.