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Economy — Business — Technology

US Job Growth Holds Steady As Private Companies Add 86,000 Positions

Service industries accounted for most of the new positions. Trade, transportation and utilities added 39,000 jobs

,   and  TIPP Staff
2 min read
Photo by Evangeline Shaw / Unsplash

US private companies added 86,000 jobs in October, matching September’s revised figure and exceeding economists’ expectations of 75,000, according to payroll processing firm ADP. The data suggests that employment growth is holding steady.

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Service industries accounted for most of the new positions. Trade, transportation and utilities added 39,000 jobs, followed by education and healthcare with 28,000, and leisure and hospitality with 19,000. Construction and financial services also recorded gains.

However, professional and business services lost 27,000 positions, while natural resources and mining shed 8,000 jobs. Information services recorded a smaller decline of 2,000.

Pay growth remained positive. Workers changing jobs received an annual base-pay increase of 4.8%, compared with 3% for employees staying in their positions. ADP chief economist Nela Richardson attributed stronger earnings among job switchers partly to bonuses and additional working hours.

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