In collaboration with Stanford Digital Economy Lab
October 2022 Change in U.S. private employment
This is a really strong number given the maturity of the economic recovery, but the hiring was not broad-based. 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.
Chief Economist, ADP
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Natural resources and mining
Trade, transportation, and utilities
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