ROSELAND, N.J., March 6,
2024 /PRNewswire/ -- Private sector employment
increased by 140,000 jobs in February and annual pay was up 5.1
percent year-over-year, according to the February
ADP® National Employment ReportTM
produced by the ADP Research Institute® in collaboration
with the Stanford Digital Economy Lab ("Stanford Lab"). The ADP National Employment
Report is an independent measure and high-frequency view of the
private-sector labor market based on actual, anonymized payroll
data of more than 25 million U.S. employees.
The jobs report and pay insights use ADP's fine-grained
anonymized and aggregated payroll data to provide a representative
picture of the private-sector labor market. The report details the
current month's total private employment change, and weekly job
data from the previous month. Because the underlying ADP payroll
databases are continuously updated, the report provides a
high-frequency, near real-time measure of U.S. employment. This
measure reflects the number of employees on ADP client payrolls
(Payroll Employment) to provide a richer understanding of the labor
market. ADP's pay measure uniquely captures the earnings of a
cohort of almost 10 million employees over a 12-month period.
"Job gains remain solid. Pay gains are trending lower but are
still above inflation," said Nela
Richardson, chief economist, ADP. "In short, the labor
market is dynamic, but doesn't tip the scales in terms of a Fed
rate decision this year."
February 2024 Report
Highlights*
View the ADP National Employment Report and interactive
charts at www.adpemploymentreport.com.
JOBS REPORT
Private employers added 140,000 jobs in February
While employment growth remained steady, pay gains for job-changers
accelerated for the first time in more than a year, rising to 7.6
percent from 7.2 percent.
Change in U.S. Private Employment:
140,000
Change by Industry Sector
- Goods-producing: 30,000
- Natural resources/mining -4,000
- Construction 28,000
- Manufacturing 6,000
- Service-providing:
110,000
- Trade/transportation/utilities 24,000
- Information -2,000
- Financial activities 17,000
- Professional/business services 5,000
- Education/health services 11,000
- Leisure/hospitality 41,000
- Other services 14,000
Change by U.S. Regions
- Northeast: 20,000
- New England 6,000
- Middle Atlantic 14,000
- Midwest: 39,000
- East North Central 32,000
- West North Central 7,000
- South: 37,000
- South Atlantic 35,000
- East South Central -13,000
- West South Central 15,000
- West: 42,000
- Mountain 7,000
- Pacific 35,000
Change by Establishment Size
- Small establishments: 13,000
- 1-19 employees 11,000
- 20-49 employees 2,000
- Medium establishments: 69,000
- 50-249 employees 53,000
- 250-499 employees 16,000
- Large establishments: 61,000
PAY INSIGHTS
Pay gains for job-changers rose in February
For
job-changers, year-over-year pay gains were 7.6 percent, up from
the prior month and the first increase since November 2022. Pay gains for job-stayers
continued to decelerate, reaching 5.1 percent, the smallest gain
since August 2021.
Median Change in Annual Pay (ADP matched person
sample)
- Job-Stayers 5.1%
- Job-Changers 7.6%
Median Change in Annual Pay for Job-Stayers by Industry
Sector
-
Goods-producing:
- Natural resources/mining 4.5%
- Construction 5.5%
- Manufacturing 4.8%
-
Service-providing:
- Trade/transportation/utilities 4.6%
- Information 4.8%
- Financial activities 5.5%
- Professional/business services 5.1%
- Education/health services 5.7%
- Leisure/hospitality 5.9%
- Other services 5.5%
Median Change in Annual Pay for Job-Stayers by Firm
Size
- Small
firms:
- 1-19 employees 4.4%
- 20-49 employees 5.2%
- Medium
firms:
- 50-249 employees 5.4%
- 250-499 employees 5.3%
- Large
firms:
To see Pay Insights by U.S. State, Gender, and Age for
Job-Stayers, visit here:
* Sum of components may not equal total, due to rounding.
The January total of jobs added was revised from 107,000 to
111,000. The historical data file, and weekly data for the previous
month, is available at https://adpemploymentreport.com/.
To subscribe to monthly email alerts or obtain additional
information about the ADP National Employment Report, including
employment and pay data, interactive charts, methodology, and a
calendar of release dates, please visit
https://adpemploymentreport.com/.
The March 2024 ADP National
Employment Report will be released at 8:15 a.m. ET on April 3,
2024.
About the ADP® National Employment
ReportTM
The ADP National Employment Report
is an independent measure of the change in U.S. private employment
and pay derived from actual, anonymized payroll data of client
companies served by ADP, a leading provider of human capital
management solutions. The report is produced by ADP Research
Institute in collaboration with the Stanford Digital Economy
Lab.
The ADP National Employment Report is broadly distributed to the
public each month, free of charge, as part of the company's
commitment to offering deeper insights of the U.S. labor market and
providing businesses and governments with a source of credible and
valuable information.
About the ADP Research Institute®
The ADP Research
Institute delivers data-driven discoveries about the world of work
and derives reliable economic indicators from these insights. We
offer these findings as a unique contribution to making the world
of work better and more productive by delivering actionable
insights to the economy at large.
About ADP (NASDAQ – ADP)
Designing better ways to
work through cutting-edge products, premium services and
exceptional experiences that enable people to reach their full
potential. HR, Talent, Time Management, Benefits and Payroll.
Informed by data and designed for people. Learn more at
ADP.com
ADP, the ADP logo, and Always Designing for People,
ADP National Employment Report, and ADP Research Institute are
registered trademarks of ADP, Inc. All other marks are the property
of their respective owners.
Copyright © 2024 ADP, Inc. All rights reserved.
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SOURCE ADP, Inc.