Private businesses in the US unexpectedly created 239,000 jobs in October of 2022, the most in three months, and compared to market forecasts of 195,000, although the hiring was not broad-based.
The services-providing sector created 247,000 jobs, led by leisure/hospitality (210,000) and trade/transportation/utilities (84,000) while a decline was seen in information (-17,000).
"Goods producers, which are sensitive to interest rates, are pulling back, and job changers are commanding smaller pay gains. While we're seeing early signs of Fed-driven demand destruction, it's affecting only certain sectors of the labor market" said Nela Richardson, chief economist, ADP. Annual pay rose 7.7% for job stayers, roughly the same as in September but wage growth slowed for a third straight month to 15.2% for job changers.
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