U.S. companies added the most jobs in four months, suggesting employers are making progress in filling a near-record number of open positions.
Businesses’ payrolls increased by 571,000 last month, after a revised 523,000 gain in September, according to ADP Research Institute data released Wednesday. Companies are desperate to hire workers as labor shortages continue to plague production and boost prices. Still, total employment measured by ADP remains well below its pre-pandemic level, suggesting higher wages and sign-on bonuses aren’t doing enough to attract and retain talent in a labor market where jobseekers are increasingly choosy.
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Service-provider employment increased 458,000 in October, the most since June, led by payrolls at leisure and hospitality companies and professional and business firms.
“The job market is revving back up as the Delta-wave of the pandemic winds down,” Mark Zandi, chief economist of Moody’s Analytics, said in a statement. “As long as the pandemic remains contained, more big job gains are likely in coming months.
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Companies with more than 1,000 workers added 305,000 people to payrolls, while small businesses posted a gain of 115,000.
ADP’s payroll data represent firms employing nearly 26 million workers in the U.S.
