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ADP National Employment Report Increased by 164,000 jobs in December 2023
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Private sector employment increased by 164,000 jobs in December and annual pay was up 5.4 percent year-over-year, according to the December ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
“We're returning to a labor market that's very much aligned with pre-pandemic hiring,” said Nela Richardson, chief economist, ADP. “While wages didn't drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared.”
JOBS REPORT
Private employers added 164,000 jobs in December Job gains rose for the fourth straight month, led by a healthy bump in leisure and hospitality hiring. Construction held strong in the face of high interest rates, but manufacturing continued to struggle, notching another month of losses.
PAY INSIGHTS
Pay growth slowed in December Pay for job-stayers rose 5.4 percent in December, slowing from 5.6 percent a month earlier and continuing a deceleration that began in September 2022.
The November total of jobs added was revised from 103,000 to 101,000.
Posted: January 4, 2024 Thursday 08:15 AM