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Private Sector Jobs experienced a substantial upswing of 103,000 jobs in November, coupled with a robust 5.6% increase in annual pay, as per the November ADP® National Employment Report™ developed by the ADP Research Institute® in association with the Stanford Digital Economy Lab.
Key Highlights:
- Private Sector Jobs adds 103,000 employment in November, with a 5.6% annual pay rise.
- ADP National Employment Report reveals industry-specific job changes.
- Job growth seen in leisure/hospitality, decline in manufacturing.
- Pay growth slows: 5.6% for job-stayers, 8.3% for job-changers.
- October’s job addition revised to 106,000, reflecting historical trends.
- December 2023 ADP report release scheduled for January 4, 2024, 8:15 a.m. ET.
The report, drawing insights from anonymized payroll data encompassing over 25 million U.S. employees, offers a detailed perspective on the current state of the private-sector labor market. It presents the total private employment change for the month and weekly job data from the preceding month, utilizing continuously updated ADP payroll databases.
Nela Richardson, chief economist at ADP, remarked, “Restaurants and hotels were the biggest job creators during the post-pandemic recovery. 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.”
Read More: UK Construction Sector Declines in November-PMI Drops Below Growth Threshold
Pay Insights and Trends
In November, pay growth witnessed a slowdown:
- Job-stayers experienced a 5.6% increase in pay, the slowest since September 2021.
- Job-changers saw a 8.3% year-over-year increase, the smallest uptick since June 2021, signaling a decline in the premium for switching jobs.
Get in-depth insights into annual pay trends for job-stayers by industry sectors and firm sizes in the ADP National Employment Report. The October total of jobs added was revised from 113,000 to 106,000, offering historical context to the trends. For comprehensive details and data, visit the ADP National Employment Report.
November Private Sector Jobs Changes by Sector, Wage Trends, and Company Size
| Sector | Job Change | Comments |
|---|---|---|
| Leisure and Hospitality | -7,000 | Previously leading job creation, now faced a loss in jobs |
| Trade, Transportation, Utilities | +55,000 | Significant increase in job positions |
| Education and Health Services | +44,000 | Substantial addition to job numbers |
| Other Services | +15,000 | Contributed moderately to job growth |
| Goods-Producing Industries | -14,000 | Overall loss due to declines in manufacturing (-15,000) and construction (-4,000) |
| Technology (Silicon Valley) | – | Recent layoffs not reflected in data, sectors showed gains for the month |
| Finance (Wall Street) | – | Similar to tech sector, despite layoffs, reflected gains in the data |
The December 2023 ADP National Employment Report is scheduled for release on January 4, 2024, at 8:15 a.m. ET.
Conclusion
The ADP National Employment Report stands as an essential independent gauge of U.S. private employment and pay trends, based on actual payroll data. It serves as a vital resource for businesses and governments, providing credible and insightful information about the U.S. labor market.
Note: Content has been crafted adhering to the guidelines of the ADP National Employment Report and its methodologies.
