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ADP National Employment Report Increased by 324,000 jobs in July 2023
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Private sector employment increased by 324,000 jobs in July and annual pay was up 6.2 percent year-over-year, according to the July ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
“The economy is doing better than expected and a healthy labor market continues to support household spending,” said Nela Richardson, chief economist, ADP. “We continue to see a slowdown in pay growth without broad-based job loss.”
Private employers added 324,000 jobs in July
Job creation remained robust in July, with leisure and hospitality again driving growth. One weakness was manufacturing, an interest rate-sensitive industry that shed jobs for the fifth straight month.
Pay growth continued downward trend in July Job stayers saw a year-over-year pay increase of 6.2 percent, the slowest pace of gains since November 2021. For job changers, pay growth slowed to 10.2 percent.
The June total of jobs added was revised from 497,000 to 455,000.
Posted: August 2, 2023 Wednesday 08:15 AM