US hiring in ADP data rises to fastest pace in more than a year
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US private payrolls increased by 233,000 in October 2024; September figures revised higher; manufacturing sector lost jobs; education and health services, trade and transportation sectors showed strong job gains; Nela Richardson, ADP chief economist, noted strong labor demand despite hurricane recovery; US economy expanded at an annualized pace of 2.8% in Q3 2024; wage growth slowed, with job changers seeing a 6.2% pay increase and stayers a 4.6% increase; job gains strongest in the South; large employers (500+ workers) added the most positions; ADP data based on payrolls of over 25 million private-sector employees.
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