Automatic Data Processing Inc
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Information Technology : IT Services | Large Cap Blend
Company profile

Automatic Data Processing, Inc. (ADP) is a global technology company engaged in providing cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, time, tax and benefits administration. Its segments include Employer Services and Professional Employer Organization (PEO). Its Employer Services segment serves clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of technology-based HCM solutions, including its cloud-based platforms, and human resource outsourcing (HRO) solutions (other than PEO) solutions. Its offerings include Payroll Services, Benefits Administration, Talent Management, HR Management, Workforce Management, Compliance Services, Insurance Services and Retirement Services. Its PEO business, called ADP TotalSource, provides clients with employment administration outsourcing solutions. It serves over 990,000 clients in 140 countries and territories.

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ADP National Employment Report: Private Sector Employment Increased by 239,000 Jobs in October; Annual Pay was Up 7.7%

8:15 am ET November 2, 2022 (PR Newswire) Print

Private sector employment increased by 239,000 jobs in October and annual pay was up 7.7 percent year-over-year, according to the October ADP(R) National Employment ReportTM produced by the ADP Research Institute(R) in collaboration with the Stanford Digital Economy Lab ("Stanford Lab").

The jobs report and pay insights use ADP's fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market. The report details the current month's total private employment change, and weekly job data from the previous month. ADP's pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.

"This is a really strong number given the maturity of the economic recovery but the hiring was not broad-based," said Nela Richardson, chief economist, ADP. "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."

October 2022 Report Highlights*

View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.

Jobs Report

Private employers added 239,000 jobs in OctoberEmployers created 239,000 jobs in October, up from a revised 192,000 in September as restaurants, retailers and the travel sector ramped up hiring in advance of the year-end holidays.

Change in U.S. Private Employment: 239,000

Change by Industry Sector

Goods-producing: -8,000

-- Natural resources/mining 11,000

-- Construction 1,000

-- Manufacturing -20,000

Service-providing: 247,000

-- Trade/transportation/utilities 84,000

-- Information -17,000

-- Financial activities -10,000

-- Professional/business services -14,000

-- Education/health services -5,000

-- Leisure/hospitality 210,000

-- Other services -1,000

Change by U.S. Regions

Northeast: 50,000

-- New England -1,000

-- Middle Atlantic 51,000

Midwest: -23,000

-- East North Central -23,000

-- West North Central 0

South: -17,000

-- South Atlantic 0

-- East South Central -1,000

-- West South Central -16,000

West: 229,000

-- Mountain -27,000

-- Pacific 256,000

Change by Establishment Size

Small establishments: 25,000

-- 1-19 employees 62,000

-- 20-49 employees -37,000

Medium establishments: 218,000

-- 50-249 employees 241,000

-- 250-499 employees -23,000

Large establishments: -4,000

-- 500+ employees -4,000

PAY INSIGHTS

Pay growth eased again in OctoberJob changers continued to record double-digit, year-over-year pay increases, but momentum in those gains is ebbing. For these workers, annual pay growth edged down for the third straight month, to 15.2 percent in October from 15.7 percent in September. For job stayers, pay gains were 7.7 percent, in line with recent months.

Median Change in Annual Pay (ADP matched person sample)

Job-Stayers 7.7%- Job-Changers 15.2%

Median Change in Annual Pay for Job-Stayers by Industry Sector

Goods-producing:

-- Natural resources/mining 7.9%

-- Construction 6.9%

-- Manufacturing 7.7%

Service-providing:

-- Trade/transportation/utilities 8.4%

-- Information 7.3%

-- Financial activities 7.8%

-- Professional/business services 6.8%

-- Education/health services 7.3%

-- Leisure/hospitality 11.2%

-- Other services 7.0%

Median Change in Annual Pay for Job-Stayers by Firm Size

Small firms:

-- 1-19 employees 5.6%

-- 20-49 employees 7.3%

Medium firms:

-- 50-249 employees 8.0%

-- 250-499 employees 7.9%

Large firms:

-- 500+ employees 8.4%

To see Pay Insights by U.S. State, Gender, and Age for Job-Stayers, visit here:

* Sum of components may not equal total, due to rounding.

The historical data file, and weekly data for the previous month, is available at https://adpemploymentreport.com/.

To subscribe to monthly email alerts or obtain additional information about the ADP National Employment Report, including employment and pay data, interactive charts, methodology, and a calendar of release dates, please visit https://adpemploymentreport.com/.

The November 2022 ADP National Employment Report will be released at 8:15 a.m. ET on November 30, 2022.

About the ADP(R) National Employment ReportTMThe ADP National Employment Report is an independent estimate of the change in U.S. private employment and pay derived from actual, anonymized payroll data of client companies served by ADP, a leading provider of human capital management solutions. The report is produced by ADP Research Institute in collaboration with the Stanford Digital Economy Lab.

The ADP National Employment Report is broadly distributed to the public each month, free of charge, as part of the company's commitment to offering deeper insights of the U.S. labor market and providing businesses and governments with a source of credible and valuable information.

About the ADP Research Institute(R) The ADP Research Institute delivers data-driven discoveries about the world of work and derives reliable economic indicators from these insights. We offer these findings as a unique contribution to making the world of work better and more productive by delivering actionable insights to the economy at large.

About ADP (NASDAQ - ADP)Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com

ADP, the ADP logo, and Always Designing for People, ADP National Employment Report, and ADP Research Institute are registered trademarks of ADP, Inc. All other marks are the property of their respective owners.

Copyright (C) 2022 ADP, Inc. All rights reserved.

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SOURCE ADP, Inc.

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