ADP Says Job-Changers’ Earnings Growth Is Fastest Since March 2024

Job-changers’ earnings growth reached its fastest pace since March 2024 in ADP’s October employment report, adding a wage trend to the private-sector hiring figures TokenPost covered in its earlier report on the October job gain.

ADP counted 86,000 private-sector job additions in October, marking a 16th consecutive monthly increase. Employers of all sizes were hiring in October. Service-sector job gains accelerated, while manufacturing hiring slowed.

ADP Chief Economist Dr. Nela Richardson said the data pointed to bonuses, overtime, more hours and higher base pay as factors drawing workers to change jobs. Gains came in trade, transportation and utilities; education and health services; leisure and hospitality; financial activities; and construction.