7th December 2023 – (Washington) Private companies in the United States added 103,000 jobs in November, indicating a slowdown in job growth within a cooling labour market, according to a report released Wednesday by payroll data company Automatic Data Processing (ADP).
Nela Richardson, Chief Economist at ADP, noted that the post-pandemic recovery saw restaurants and hotels as the largest job creators. However, she highlighted that this boost has now passed. Richardson added, “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 revealed that in November, the goods-producing sector experienced a loss of 14,000 jobs, with manufacturing specifically declining by 15,000 jobs. In the service-providing sector, 117,000 jobs were added, although there were declines in professional/business services (-5,000) and leisure/hospitality (-7,000).
The report also revised the job growth figure for October to a downwardly revised 106,000 in the private sector.
Additionally, the report highlighted that job-stayers witnessed a 5.6 per cent pay increase in November, marking the slowest pace of gains since September 2021. Job changers also experienced a slowdown in pay growth, with the premium for switching jobs at its lowest level in three years of available data.