U.S. private companies added 86,000 jobs in October — CNBC

U.S. private companies added 86,000 jobs in October, the same as the downwardly revised estimate for September. The figure slightly exceeded the forecast of economists surveyed by Dow Jones, who expected 75,000 new jobs, CNBC reports, citing a report by ADP.

Largest employment gains

The largest number of jobs was added in trade, transportation and utilities — 39,000. Employment in education and health services increased by 28,000 jobs, while the leisure and hospitality sector added 19,000.

Employment in financial activities rose by 15,000 jobs, construction added 13,000, and other services added 10,000. At the same time, professional and business services lost 27,000 jobs, the natural resources and mining sector lost 8,000, and information services lost 2,000.

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Wage trends

Workers who changed jobs recorded annual earnings growth of 4.8%. For all workers, base pay increased by 3.2%, while total pay rose by 4.7%. Pay for workers who remained in their previous jobs increased by 3%.

ADP Chief Economist Nela Richardson said employers of all sizes were hiring, while those moving to new jobs were attracted by higher base salaries, bonuses, overtime and more hours. Companies with 50 to 499 employees added 33,000 jobs, small businesses added 28,000, and large companies added 24,000.

The ADP report precedes the U.S. Bureau of Labor Statistics' monthly nonfarm payrolls data. Economists surveyed by Dow Jones expect the figure to have increased by 59,000 in October after a September gain of 29,000.