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.
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."
November 2023 Report
Highlights*
View the ADP National Employment Report and interactive
charts at www.adpemploymentreport.com.
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 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
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:
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 2023 ADP 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
ADP, the ADP logo, and Always Designing for People,
ADP National Employment Report, and ADP Research Institute are
registered trademarks of ADP, Inc. All other marks are the property
of their respective owners.
Copyright © 2023 ADP, Inc. All rights reserved.
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SOURCE ADP, Inc.