On Wednesday, payroll processing company ADP reported that private sector companies added 233,000 jobs in October. This figure surpassed economists’ predictions of 114,000 jobs and exceeded September’s unexpectedly high increase of 143,000 jobs.
ADP’s chief economist, Nela Richardson, commented on the data, noting that “even amid hurricane recovery, job growth was strong in October.” She added that as the year progresses, hiring in the U.S. is demonstrating significant strength and resilience.
In contrast, the number of job openings has fallen to its lowest point since January 2021. According to the Labor Department’s Bureau of Labor Statistics, job openings decreased by 418,000 to 7.443 million by the end of September, marking the lowest level in over three and a half years. This information was detailed in the Job Openings and Labor Turnover Survey, commonly referred to as the JOLTS report.
This story is ongoing, and updates will be provided as more information becomes available.