US Private Sector Adds 86,000 Jobs in October, Beating Forecasts, ADP Reports

U.S. private sector employment expanded by 86,000 jobs in October, according to the latest ADP National Employment Report. The reading beat consensus expectations, which ranged from 67,000 to 75,000 across analyst estimates, indicating continued labor market resilience. Job growth followed a September reading variously reported as 90,000 or downwardly revised to 86,000. In addition, ADP reported that annual base pay grew 3.2% year-over-year while gross pay rose 4.7%. Despite broad hiring across industries, the professional and business services sector contracted for a third straight month.