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Private Sector Adds 103,000 Jobs In November, Pay Growth at 5.6% Year-Over-Year

Dec 06, 2023
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News Director

Economist predicts moderate hiring and wage growth for 2024 as recovery momentum slows.

The private sector saw the addition of 103,000 jobs in November, according to the ADP National Employment Report

Additionally, there was a notable year-over-year pay growth of 5.6%, drawing insights from payroll data of over 25 million U.S. employees. The numbers for October were also revised downward from a job gain of 113,000 to 106,000. 

"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."

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.

The Northeast led the way with the addition of 59,000 jobs, while the West lost 10,000. 

Job-stayers saw a 5.6% 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%, the smallest year-over-year increase since June 2021. The premium for switching jobs is at its smallest in three years of data.

About the author
Christine Stuart is the news director at NMP.
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