According to the ADP® National Employment Report™ released on Wednesday (10-04-23), nonfarm private sector employment increased by 89,000 jobs in September and annual pay was up 5.9% year-over-year. September showed the slowest pace of growth since January 2021, when private employers shed jobs. Large establishments drove the slowdown, losing 83,000 jobs and wiping out the gains they made in August.
The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab (“Stanford Lab”). The 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 US employees. 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 near real-time measure of US 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 earning of a cohort of almost 10 million employes over a 12-month period.
Adding additional background and her analysis to the report, Nela Richardson, ADP’s chief economist, said:
“We are seeing a steepening decline in jobs this month. Additionally, we are seeing a steady decline in wages in the past 12 months.”
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