October job numbers paint a well-rounded picture, as no single industry dominated hiring. Private-sector employment increased by 113,000 jobs in October and annual pay was up 5.7% year-over-year, according to the monthly ADP National Employment Report released Wednesday.
“Big post-pandemic pay increases seem to be behind us,” Nela Richardson, chief economist, ADP, said. “While the labor market has slowed, it’s still enough to support strong consumer spending.”
When looking at where the jobs surfaced, education/health services gained 45,000; trade/transportation/utilities added 35,000; leisure/hospitality grew by 17,000; and financial activities rose by 21,000.
Meanwhile, professional/business services experienced the biggest decline, as 10,000 positions were lost.
Pay growth slowed to two-year low in October. Job-stayers reported a 5.7% year-over-year pay increase in October, the slowest pace of growth since October 2021. Pay growth for job-changers was 8.4%, the smallest increase since July 2021.