ADP’s latest jobs report reveals a mixed bag for the U.S. economy. Employers added 42,000 jobs in October, with annual pay up 4.5%. However, there’s a split between sectors, with growth in education and healthcare, but losses in white-collar and consumer-facing industries.

The report highlights a “bifurcated” economy, with growth in essential sectors like healthcare and logistics, but contraction in areas like professional services and hospitality. Low-income workers are employed, but inflation is eroding their purchasing power, while layoffs hit white-collar workers in media, tech, and consulting.

With government shutdowns and private-sector layoffs, the economy is treading water. ADP’s data is one of the few insights into hiring trends, as the Bureau of Labor Statistics remains closed. Despite modest job growth and flat pay, the overall picture suggests a stagnant economy, neither collapsing nor accelerating.

Read more at Yahoo Finance: ADP report shows jobs growth as white-collar layoffs accelerate