It’s all about politics on Wednesday, but if you care about the macro, the ADP release was interesting. Or as interesting as ADP releases can be.

There were jobs everywhere last month and big pay gains on offer for workers who leave their current roles for greener pastures, according to the release.

“Employers of all sizes were hiring,” ADP chief economist Nela Richardson beamed, describing the upbeat read on private sector hiring in America.

The headline print came in at 86,000 for a second straight month. That was around 20,000 ahead of consensus.

There’s the chart. The three-month average is up to 69,000, the highest since July, when the trailing metric was still picking up May’s 122,000 print

“Our data suggests job-changers were lured by a combination of bonuses, overtime and more hours in addition to higher base pay,” Richardson went on, in the color accompanying the release.

That nods, however vaguely, to the prospect of a rekindled wage-price dynamic (I won’t call it a “spiral” just yet).

The ADP “Pay Insights” dataset is suddenly much richer, where that means they’ve added all manner of cohort-level analysis, and also a breakout for base versus gross pay. It’s pretty impressive, actually. Kudos to ADP.

The figure above shows you what Richardson’s talking about. The gross YoY pay gain for job changers was 7.6% in October, the briskest since early 2024 and 3.2ppt higher than for so-called “job stayers.” That’s widest gap in more than three years.

Recall that Tuesday’s JOLTS report from the BLS showed the quit rate in September was the highest since June of 2025, while overall quits, at 3.365 million, were the most since March of last year.

Looking at the sector breakdown for hiring, the only real drag was professional and business services. I’ll let the chart speak:

That sector, which is vulnerable to AI disruption, has shed 53,000 jobs over the last three months alone. The cumulative, rolling loss since the launch of ChatGPT is back near the extremes beyond half a million.

Hiring was decent or strong everywhere else besides mining. Education and health services added 28,000, leisure and hospitality 19,000, construction chipped in 13,000 and so on. By firm size, every category made a meaningful contribution.

The ADP release will obviously get lost in the shuffle on Wednesday given everything else that’s going on, but this was a pretty interesting report. For anyone who cared to delve into it.