November 07, 2024
ROSELAND, N.J (Highpoint Point Digest) − Private sector employment increased by 233,000 jobs in October and annual pay was up 4.6 percent year-over-year, according to the October ADP® National Employment Report™ produced by ADP Research 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.
“Even amid hurricane recovery, job growth was strong in October,” said Nela Richardson, chief economist, ADP. “As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient.”
October 2024 Report Highlights*
View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.
JOBS REPORT
Private employers added 233,000 jobs in October
Job creation hit its highest level since July 2023 as the economy worked through hurricane recovery. Manufacturing was the only sector to shed jobs.
Change in U.S. Private Employment: 233,000
Change by Industry Sector
– Goods-producing: 22,000
- Natural resources/mining 4,000
- Construction 37,000
- Manufacturing -19,000
– Service-providing: 211,000
- Trade/transportation/utilities 51,000
- Information 7,000
- Financial activities 11,000
- Professional/business services 31,000
- Education/health services 53,000
- Leisure/hospitality 37,000
- Other services 21,000
Change by U.S. Regions
– Northeast: 48,000
- New England -6,000
- Middle Atlantic 54,000
– Midwest: 63,000
- East North Central 51,000
- West North Central 12,000
– South: 77,000
- South Atlantic 60,000
- East South Central -13,000
- West South Central 30,000
– West: 44,000
- Mountain 26,000
- Pacific 18,000
Change by Establishment Size
– Small establishments: 4,000
- 1-19 employees 10,000
- 20-49 employees -6,000
– Medium establishments: 86,000
- 50-249 employees 58,000
- 250-499 employees 28,000
– Large establishments: 140,000
- 500+ employees 140,000
PAY INSIGHTS
Pay gains slowed in October
Year-over-year pay gains for job-stayers dipped to 4.6 percent, continuing a two-year slowdown. For job-changers, pay gains slowed to 6.2 percent.
Median Change in Annual Pay (ADP matched person sample)
– Job-Stayers 4.6%
– Job-Changers 6.2%
Median Change in Annual Pay for Job-Stayers by Industry Sector
– Goods-producing:
- Natural resources/mining 3.4%
- Construction 4.9%
- Manufacturing 4.5%
– Service-providing:
- Trade/transportation/utilities 4.4%
- Information 4.3%
- Financial activities 4.9%
- Professional/business services 4.5%
- Education/health services 5.1%
- Leisure/hospitality 4.6%
- Other services 4.8%
Median Change in Annual Pay for Job-Stayers by Firm Size
– Small firms:
- 1-19 employees 3.9%
- 20-49 employees 4.6%
– Medium firms:
- 50-249 employees 4.9%
- 250-499 employees 4.8%
– Large firms:
- 500+ employees 4.6%
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 was revised from 143,000 to 159,000. The historical data file and weekly data for the previous month are 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 2024 ADP National Employment Report will be released at 8:15 a.m. ET on December 4, 2024.
Source: ADP, Inc.
Image Credit: ADP, Inc.
