TradFi News | US Private Employers Add 86,000 Jobs in October, Beating Forecasts for a Second Straight Solid Month, ADP Says

US private employers added 86,000 jobs in October, according to the ADP National Employment Report released on November 4. That beat the 69,000 forecast in a Reuters poll of economists and matched September’s gain, which was revised down to 86,000 from 90,000.“You have back-to-back, two consecutive straight months of pretty solid job growth,” ADP chief economist Nela Richardson said.Trade and Healthcare Drive HiringTrade, transportation and utilities added the most jobs, at 39,000. Healthcare and education added 28,000.Some white-collar sectors lost jobs. Business services shed 27,000 roles and information lost 2,000.Gross Pay Up 4.7%Base wages for private-sector workers rose 3.2%, according to ADP. Gross pay, which includes overtime and bonuses, rose 4.7%.Official Jobs Report Due FridayThe ADP report, developed with the Stanford Digital Economy Lab, covers only private-sector hiring. It comes ahead of the Bureau of Labor Statistics’ broader October jobs report on Friday, and Reuters notes that ADP has been a poor guide to the official private payrolls count.Economists polled by Reuters expect the official report to show:Nonfarm payrolls up 65,000 in October, after 29,000 in SeptemberPrivate payrolls up 64,000, after 46,000The unemployment rate unchanged at 4.2%Separate BLS data released Tuesday showed 1.06 job openings for every unemployed person in September, up from 1.02 in August.