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ADP National Employment Report Increased by 127,000 jobs in November 2022
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Private sector employment increased by 127,000 jobs in November and annual pay was up 7.6 percent year-over-year, according to the November ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market. The report details the current month’s total private employment change, and weekly job data from the previous month. ADP’s pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.
“Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” said Nela Richardson, chief economist, ADP. “In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting and the post-pandemic recovery is stabilizing.”
Private employers added 127,000 jobs in November
Job creation slowed by the most since January 2021, led by construction and other interest rate-sensitive sectors. Consumer-facing segments - including health care and hospitality - were bright spots.
Pay gains moderated again in November
Pay growth remained elevated even as it continued a modest but broad-based deceleration. Job changers notched their fifth straight slowdown and the smallest increase in pay since January. Pay growth for job stayers edged down, too, led by leisure and hospitality, which had a rapid run-up in 2021 but has been falling since March.
Posted: November 30, 2022 Wednesday 08:15 AM