US Private Sector Adds 86,000 Jobs in October, Beating Expectations in ADP Report

U.S. private sector employment increased by 86,000 jobs in October, according to ADP data, topping consensus estimates ranging from 65,000 to 75,000. Hiring matched September's downwardly revised 86,000 additions, initially reported at 90,000. Education and health services led monthly gains with 28,000 positions, while professional and business services contracted by 27,000 jobs, marking its third straight monthly decline. Annual gross pay growth slowed slightly to 4.7%, but wage growth for job-changers accelerated to 7.6%, reaching its fastest pace since March 2024 as the labor market showed signs of stabilization.