ADP's Employment Report showed a better than expected rise in jobs in October, up 86k (vs +67k exp) - the 16th monthly rise in employment in a row...
"Employers of all sizes were hiring last month," said Dr. Nela Richardson Chief Economist, ADP.
The Services Industry saw job gains accelerate while Manufacturing slowed with the advance reflecting gains in trade, transportation and utilities, education and health services, leisure and hospitality, financial activities and construction.
Richardson also noted that ADP data suggests that "job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay."
Taken together, earnings growth for these workers hit its fastest pace since March 2024.
This is certainly one for the positive check box into Friday's payrolls as robust consumer spending and strong economic growth has underpinned the resilience of the labor market, enabling some firms to expand their workforces despite lingering cost pressures.
Perhaps most importantly, consistent hiring can help keep unemployment low and allow the Fed to stay focused on fighting inflation.
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