ROSELAND, N.J., Oct. 30,
2024 /PRNewswire/ -- 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
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:
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.
About the ADP® National Employment Report™
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 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
The mission of ADP Research is
to make the future of work more productive through data-driven
discovery. Companies, workers, and policymakers rely on our finely
tuned data and unique perspective to make informed decisions that
impact workplaces around the world.
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, ADP Research Institute and ADP
Research are trademarks of ADP, Inc. All other marks are the
property of their respective owners.
Copyright © 2024 ADP, Inc. All rights reserved.
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SOURCE ADP, Inc.
