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ADP National Employment Report Increased by 140,000 jobs in February 2024
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Private sector employment increased by 140,000 jobs in February and annual pay was up 5.1 percent year-over-year, according to the February ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
“Job gains remain solid. Pay gains are trending lower but are still above inflation,” said Nela Richardson, chief economist, ADP. “In short, the labor market is dynamic, but doesn't tip the scales in terms of a Fed rate decision this year.”
JOBS REPORT
Private employers added 140,000 jobs in February
While employment growth remained steady, pay gains for job-changers accelerated for the first time in more than a year, rising to 7.6 percent from 7.2 percent.
PAY INSIGHTS
Pay gains for job-changers rose in February
For job-changers, year-over-year pay gains were 7.6 percent, up from the prior month and the first increase since November 2022. Pay gains for job-stayers continued to decelerate, reaching 5.1 percent, the smallest gain since August 2021.
The January total of jobs added was revised from 107,000 to 111,000.
Posted: March 6, 2024 Wednesday 08:15 AM