Private Sector Employment Grows By 164,000 Jobs In December

Jan 04, 2024

News Director

ADP's National Employment Report reveals continued job growth, with December figures exceeding estimates and revising November numbers down slightly.

Private sector employment continued to climb in December by 164,000 jobs, according to ADP's National Employment Report.

It also revised the November numbers down from 103,000 jobs to 101,000. However, the December numbers were higher than the 130,000 estimate from the Dow Jones consensus.

“We're returning to a labor market that's very much aligned with pre-pandemic hiring,” said Nela Richardson, chief economist, ADP. “While wages didn't drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared.”

Annual pay was up 5.4% year-over-year. That's slowing from 5.6% a month earlier and continuing a deceleration that began in September 2022.

The report shows that jobs rose for the fourth month, led by leisure and hospitality, and construction held strong.

The U.S. Bureau of Labor Statistics will release its jobs report Friday, Jan. 5.

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Christine Stuart

News Director

Christine Stuart is the news director at NMP.

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Jan 04, 2024

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