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ADP National Employment Report Increased by 107,000 jobs in January 2024
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Private sector employment increased by 107,000 jobs in January and annual pay was up 5.2 percent year-over-year, according to the January ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
“Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” said Nela Richardson, chief economist, ADP. “Wages adjusted for inflation have improved over the past six months, and the economy looks like it's headed toward a soft landing in the U.S. and globally.”
JOBS REPORT
Private employers added 107,000 jobs in January. The hiring slowdown of 2023 spilled into January, and pressure on wages continues to ease. The pay premium for job-switchers shrank to a new low last month.
PAY INSIGHTS
Pay gains continued to shrink in January. Year-over-year pay gains for job-stayers reached 5.2 percent in January, down from 5.4 percent in December. For job-changers, pay was up 7.2 percent, the smallest annual gain since May 2021.
The December total of jobs added was revised from 164,000 to 158,000
Posted: January 31, 2024 Wednesday 08:15 AM