US private payrolls rise 113,000 in October, below estimates

By Ovunc Kutlu

ISTANBUL (AA) – US private payrolls rose by 113,000 in October, less than market estimates, according to a report released Wednesday by a research institute.

The market expectation for the figure was to show an increase of 150,000 jobs.

The figure for September was unrevised at 89,000, the slowest growth since January 2021.

"Leisure and hospitality hiring led the post-pandemic job recovery. But the industry ceded its place as the top job creator last month to education and health care," the ADP Research Institute in collaboration with Stanford Digital Economy Lab said in a report.

Nela Richardson, the ADP chief economist, said: "No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us."

"In all, October's numbers paint a well-rounded jobs picture. And while the labor market has slowed, it's still enough to support strong consumer spending," she added.

Among businesses, small and mid-sized enterprises added 19,000 and 78,000 jobs, respectively, while large businesses experienced a gain of approximately 18,000.

Education and health services posted the highest gain, adding 45,000 jobs, followed by trade, transportation and utilities with an increase of 35,000.