US private sector payrolls rise more than expected in October

(Sharecast News) - Private sector payrolls rose more than expected in October, according to ADP, offering a modest sign of resilience in the US labour market. ADP said on Wednesday that US firms had added 42,000 jobs during October, topping consensus estimates of 22,000 gain and reversing a revised 29,000 decline in September.

The majority of October's growth came from large employers, with firms of 250 or more staff adding 76,000 roles, while smaller businesses actually shed 34,000.

Trade, transport and utilities led sector gains with 47,000 new positions, followed by education and health services at 26,000 and financial activities at 11,000. Losses of 17,000 were recorded in information services, 15,000 in professional and business services, and 13,000 in other services.

Despite subdued headline growth, wage inflation remained firm, with pay for job stayers rising 4.5% year-on-year, unchanged from September, while job switchers saw a 6.7% increase.





Reporting by Iain Gilbert at Sharecast.com