Washington. U.S. private sector employment saw growth in October, primarily in the education and health sectors, while wage growth remained at a more modest pace, according to ADP/Stanford Lab’s monthly survey results, which were released on Wednesday.
In the month of October, the private sector created 113,000 jobs, beating analysts’ forecasts of 100,000 new jobs. This data also represents an increase compared to the 89,000 jobs created in September.
“The post-pandemic surge in wages appears to be behind us,” ADP chief economist Nela Richardson said, as quoted in the ADP statement.
However, Richardson considers that the working situation remains in a sufficient balance and states that even if the labor market slows down, it will still be enough to support strong consumer spending.
In terms of job creation, the services sector topped the list last month, with education and health services contributing 45,000 new jobs, while trade, transportation, and public services added 35,000.
On the other hand, wage growth slowed to its lowest level in two years, according to ADP data, which means they are continuing to grow but at a slower pace.
Employees who stayed in their jobs reported a salary increase of 5.7% compared to last year, while those who changed jobs experienced an increase of almost 8.4%.