Employment in the US private sector rose by 103,000 jobs in November, according to the ADP National Employment Report released today. The report also found a continued slowdown in pay growth in November.
ADP noted that the slowdown in job growth was driven by the leisure and hospitality sector and by the manufacturing sector.
“Restaurants and hotels were the biggest job creators during the post-pandemic recovery,” Nela Richardson, chief economist at ADP, said in a press release. “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.”
The report also found that small businesses gained 6,000 jobs in November, while midsize and large establishments added 68,000 and 33,000 jobs, respectively.
Total private-sector employment in the US was nearly 129.2 million in November, according to the report.
Here are the estimates of employment growth by industry:
- Goods-producing, down 14,000
- Natural resources/mining, up 5,000
- Construction, down 4,000
- Manufacturing, down 15,000
- Service-providing, up 117,000
- Trade/transportation/utilities, up 55,000
- Information, up 4,000
- Financial activities, up 11,000
- Professional/business services, down 5,000
- Education/health services, up 44,000
- Leisure/hospitality, down 7,000
- Other services, up 15,000
The median change in annual pay for those changing jobs was 8.3%, the slowest growth in 12 months. For those staying in their jobs, the median change in annual pay was 5.6%, the slowest growth since October 2021.
The total number of jobs added in October was revised downward to 106,000 from 113,000.
The ADP National Employment Report, produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab, uses ADP’s anonymized and aggregated payroll data of more than 25 million US employees to provide a representative picture of the labor market. The report details the current month’s total private employment change and weekly job data from the previous month.