ADP News Release (11/01/23)

Private sector employment increased by 113,000 jobs in October and annual pay was up 5.7% year-to-year, according to the October ADP National Employment Report. “No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said Nela Richardson, chief economist ADP. “In all, October’s numbers paint a well-rounded jobs picture. And while the labor market has slowed, it’s still enough to support strong consumer spending.”