In terms of salary increases, an increase of 5.7% was recorded compared to the previous year, marking the lowest rate of annual increase since October 2021.
The US private sector employment report in October was disappointing, as 113,000 jobs, falling short of consensus expectations of analysts who expected around 130,000. Despite exceeding the number of jobs created in September (89,000)the figure reflects a slowdown in the pace of employment growth in the country.
In terms of salary increases, there was an increase of 5.7% compared to the previous yearmarking the lowest rate of annual increase since October 2021.
Employment: sector by sector
By sectors, education and health services led theJob creation in October with 45,000 new jobs, closely followed by commerce, transport and public services with 35,000 jobs. Financial activities and the leisure and hospitality sector also experienced increases in hiring.
It is highlighted that the majority of jobs created belonged to service industries, while producers of goods contributed only 6,000 jobs in total. Additionally, companies employing between 50 and 499 workers played a leading role, creating 78,000 jobs.
Despite the slowdown in hiring and more moderate wage increases, ADP Chief Economist Nela Richardson said the jobs outlook remains robust and will support consumer spending.
However, the employment report from the Department of Labor is awaited with interest.It will be published on Friday, with the consensus expecting an increase of 170,000 payrolls.
Source: Ambito
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