US job market exceeded expectations with over 40,000 new jobs added in October.
The United States job market did better than expected in October in terms of job growth, with over 40,000 new private sector jobs.
Workers’ annual pay, however, remains up by 4.5%, year-over-year, staying flat last month. Dr. Nela Richardson, chief economist for Always Designing for People (ADP), said in a Wednesday report, “Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year. Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced.”
The ADP Nov. 5 report explains that some industries are adding jobs as other industries lose them, highlighting an economic and job market shift as to which sectors of the economy are growing or shrinking:
Private employers added 42,000 jobs in October
Last month delivered a rebound from two months of weak hiring, but the bounce wasn’t broad-based.
