ROSELAND, N.J., Dec. 6, 2023 /PRNewswire/ -- 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 Report™ produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab ("Stanford Lab"). The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25 million U.S. employees.
ADP Research Institute, logo (PRNewsfoto/ADP, Inc.)
The jobs report and pay insights use ADP's fine-grained anonymized and aggregated payroll data to provide a representative picture of the private-sector labor market. The report details the current month's total private employment change, and weekly job data from the previous month. Because the underlying ADP payroll databases are continuously updated, the report provides a high-frequency, near real-time measure of U.S. employment. This measure reflects the number of employees on ADP client payrolls (Payroll Employment) to provide a richer understanding of the labor market. ADP's pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.
"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."
Private employers added 103,000 jobs in November Last month brought moderate growth in hiring and another slowdown in pay gains. Both goods and services saw weakness, with leisure and hospitality and manufacturing posting declines.
Change in U.S. Private Employment: 103,000
Change by Industry Sector
- Goods-producing:-14,000
Natural resources/mining 5,000
Construction -4,000
Manufacturing -15,000
- Service-providing: 117,000
Trade/transportation/utilities 55,000
Information 4,000
Financial activities 11,000
Professional/business services -5,000
Education/health services 44,000
Leisure/hospitality -7,000
Other services 15,000
Change by U.S. Regions
- Northeast: 59,000
New England 7,000
Middle Atlantic 52,000
- Midwest: 2,000
East North Central 9,000
West North Central -7,000
- South: 58,000
South Atlantic 24,000
East South Central -10,000
West South Central 44,000
- West: -10,000
Mountain -6,000
Pacific -4,000
Change by Establishment Size
- Small establishments: 6,000
1-19 employees 22,000
20-49 employees -16,000
- Medium establishments: 68,000
50-249 employees 71,000
250-499 employees -3,000
- Large establishments: 33,000
500+ employees 33,000
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.
Median Change in Annual Pay (ADP matched person sample)
- Job-Stayers 5.6%
- Job-Changers 8.3%
Median Change in Annual Pay for Job-Stayers by Industry Sector
- Goods-producing:
Natural resources/mining 5.2%
Construction 5.8%
Manufacturing 5.1%
- Service-providing:
Trade/transportation/utilities 5.4%
Information 5.2%
Financial activities 6.0%
Professional/business services 5.5%
Education/health services 6.2%
Leisure/hospitality 6.5%
Other services 5.7%
Median Change in Annual Pay for Job-Stayers by Firm Size
- Small firms:
1-19 employees 4.8%
20-49 employees 5.7%
- Medium firms:
50-249 employees 5.8%
250-499 employees 5.7%
- Large firms:
500+ employees 5.6%
To see Pay Insights by U.S. State, Gender, and Age for Job-Stayers, visit here:
* Sum of components may not equal total, due to rounding.
The October total of jobs added was revised from 113,000 to 106,000. The historical data file, and weekly data for the previous month, is available at https://adpemploymentreport.com/.
To subscribe to monthly email alerts or obtain additional information about the ADP National Employment Report, including employment and pay data, interactive charts, methodology, and a calendar of release dates, please visit https://adpemploymentreport.com/.
The December 2023ADP National Employment Report will be released at 8:15 a.m. ET on January 4, 2024.
About the ADP® National Employment Report™ The ADP National Employment Report is an independent measure of the change in U.S. private employment and pay derived from actual, anonymized payroll data of client companies served by ADP, a leading provider of human capital management solutions. The report is produced by ADP Research Institute in collaboration with the Stanford Digital Economy Lab.
The ADP National Employment Report is broadly distributed to the public each month, free of charge, as part of the company's commitment to offering deeper insights of the U.S. labor market and providing businesses and governments with a source of credible and valuable information.
About the ADP Research Institute® The ADP Research Institute delivers data-driven discoveries about the world of work and derives reliable economic indicators from these insights. We offer these findings as a unique contribution to making the world of work better and more productive by delivering actionable insights to the economy at large.
About ADP (NASDAQ – ADP) Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com
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