The October ADP National Employment Report, produced by ADP Research in collaboration with the Stanford Digital Economy Lab, indicates a strong increase in private sector employment, with 233,000 jobs added in October. The report also highlights a 4.6% year-over-year rise in annual pay, underscoring resilience in the labor market.
Key Insights from the October Report
- Job Growth: The private sector experienced a significant increase of 233,000 jobs in October.
- Annual Pay Increase: Workers saw a 4.6% rise in pay compared to the previous year.
This report utilizes ADP’s comprehensive, anonymized payroll data, representing over 25 million U.S. employees, to provide a high-frequency view of the labor market.
Understanding the ADP National Employment Report
The ADP National Employment Report serves as an independent measure of the private-sector labor market, providing critical insights based on actual payroll data. Key features include:
- Current Employment Change:Â A detailed breakdown of total private employment change for the month.
- Weekly Job Data:Â Insights from the previous month’s job statistics.
- Continuous Updates:Â The underlying payroll databases are constantly updated, offering a near real-time measure of U.S. employment trends.
This report reflects the number of employees on ADP client payrolls (known as Payroll Employment), offering a richer understanding of labor dynamics. Additionally, ADP’s pay measure captures the earnings of a cohort of nearly 10 million employees over a 12-month period.
Expert Commentary
“Even amid hurricane recovery, job growth was strong in October,” stated Nela Richardson, chief economist at ADP. “As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient.”
