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Private sector job growth surges in October, ADP says

By: FOX Business

October 30, 2024 at 08:25 AM EDT

Companies in the private sector added 233,000 jobs in October, payroll processing firm ADP said on Wednesday. The figure was well above economists' estimates.

Companies in the private sector added 233,000 jobs in October, payroll processing firm ADP said on Wednesday.

The figure is well above economists’ estimates of 114,000 jobs and September’s larger-than-expected increase of 143,000 jobs.

"Even amid hurricane recovery, job growth was strong in October," said Nela Richardson, ADP’s chief economist. "As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient."

Meanwhile, the number of job openings has tumbled to the lowest level since January 2021. Job openings declined by 418,000 to 7.443 million by the last day of September, the lowest level in over three and a half years, the Labor Department's Bureau of Labor Statistics said Tuesday in its Job Openings and Labor Turnover Survey, known as the JOLTS report.

This is a developing story. Please check back for updates.

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