3 sources·Business

U.S. Job Creation Hits Highest Level in Over a Year Amid Natural Disasters

ADP reports 233,000 new private-sector jobs added in October, despite challenges from hurricanes and labor disruptions, indicating a strong labor market.

33%

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Updated: Oct 30th, 2024, 12:34 PM ET

Summary

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In October, the U.S. private sector added 233,000 jobs, the highest monthly figure in over a year, as per ADP. This surge, exceeding estimates of 115,000, occurred despite adverse impacts from hurricanes and a Boeing strike. The job gains were widespread, predominantly in sectors like education and health services. Wages rose by 4.6%, and despite expectations for a slowdown, the data points to a robust labor market. Analysts speculate this may influence the upcoming Federal Reserve meeting, especially given contrasting assessments with the anticipated government employment report.

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