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Kenny Polcari discusses the historical S&P 500 performance following midterm elections. He predicts the stock market will be higher in 12 months, continuing a trend seen in every midterm cycle since World War II.
Companies in the private sector added 86,000 jobs in October, payroll processing firm ADP said in its latest report on Wednesday.
The figure is above economists’ estimates of a gain of 69,000 jobs and up from the prior month's revised 86,000 payrolls.
"Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay," said ADP chief economist Nela Richardson. "Taken together, earnings growth for these workers hit its fastest pace since March 2024."
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Which industries are hiring the most workers, according to the ADP report?
Trade, transportation and utilities added 39,000 positions, leading job creation in October. Education and health services added 28,000, and leisure and hospitality added 19,000 positions.
Education and health services led hiring in the month of September, according to ADP. (iStock)
Financial activities added 15,000 jobs in the month, construction added 13,000 and other services added 10,000.
A financial advisor helps a woman plan for retirement. (Getty Images)
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On the negative side, professional and business services lost 27,000 jobs while natural resources and mining lost 8,000. Information and manufacturing lost 2,000 and 1,000 jobs, respectively.
Mining lost 1,000 in the month of September, ADP said. (William Luque/Getty Images)
Large businesses – those with 500 or more employees – gained 24,000 jobs in October. Hiring for businesses with 50 to 499 employees totaled 33,000 and establishments with fewer than 50 employees gained 28,000 jobs.
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The ADP data is released before the Labor Department's nonfarm payrolls report, which is due on Friday morning and can differ notably. The government data is expected to show an increase of 65,000 positions, below the unexpected loss of 29,000 reported in September. The unemployment rate is expected to remain at 4.2%.
