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ADP National Employment Report Increased by 103,000 jobs in November 2023
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Private sector employment increased by 103,000 jobs in November and annual pay was up 5.6 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”).
“Restaurants and hotels were the biggest job creators during the post-pandemic recovery,” said Nela Richardson, chief economist, ADP. “But that boost is behind us, and the return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024.”
JOBS REPORT
Private employers added 103,000 jobs in November
Last month brought moderate growth in hiring and another slowdown in pay gains. Both goods andservices saw weakness, with leisure and hospitality and manufacturing posting declines.
PAY INSIGHTS
Pay growth continued its slowdown in November.
Job-stayers saw a 5.6 percent pay increase in November, the slowest pace of gains since September 2021. Job-changers, too, saw slowing pay growth, posting pay gains of 8.3 percent, the smallest year-over-year increase since June 2021. The premium for switching jobs is at its smallest in three years of data.
The October total of jobs added was revised from 113,000 to 106,000.
Posted: December 6, 2023 Wednesday 08:15 AM