Private sector payrolls rose 113,000, less than expected


Private sector payrolls rose 113,000 in October, less than expected, ADP says

Private sector payroll growth increased modestly in October but missed expectations, in a potential sign that the employment picture could be darkening, ADP reported Wednesday.

The payrolls processing firm said that companies added 113,000 workers for the month, higher than the unrevised 89,000 in September but below the Dow Jones consensus estimate of 130,000.

On wages, ADP said pay was up 5.7% from a year ago, the smallest annual gain since October 2021.

From a sector standpoint, education and health services led with 45,000 new jobs. Other notable gainers included trade, transportation and utilities (35,000), financial activities (21,000), and leisure and hospitality (17,000).

Almost all…


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