ROSELAND, N.J., Sept. 5, 2024 /PRNewswire/ – Private sector employment increased by 99,000 jobs in August and annual pay was up 4.8 percent year-over-year, according to the August ADP National Employment Report produced by ADP Research 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.
“The job market’s downward drift brought us to slower-than-normal hiring after two years of outsized growth,” said Nela Richardson, chief economist, ADP. “The next indicator to watch is wage growth, which is stabilizing after a dramatic post-pandemic slowdown.”
August 2024 Report Highlights
JOBS REPORT
Private employers added 99,000 jobs in August
The labor market continued to cool in August. Job creation among private employers slowed for the fifth straight month and wage growth was stable.
Change in U.S. Private Employment: 99,000
Change by Industry Sector
– Goods-producing: 27,000
- Natural resources/mining 8,000
- Construction 27,000
- Manufacturing -8,000
– Service-providing: 72,000
- Trade/transportation/utilities 14,000
- Information -4,000
- Financial activities 18,000
- Professional/business services -16,000
- Education/health services 29,000
- Leisure/hospitality 11,000
- Other services 20,000
Change by U.S. Regions
– Northeast: 24,000
- New England -6,000
- Middle Atlantic 30,000
– Midwest: 7,000
- East North Central 0
- West North Central 7,000
– South: 55,000
- South Atlantic 4,000
- East South Central 3,000
- West South Central 48,000
– West: 20,000
- Mountain 8,000
- Pacific 12,000
Change by Establishment Size
– Small establishments: -9,000
- 1-19 employees 3,000
- 20-49 employees -12,000
– Medium establishments: 68,000
- 50-249 employees 32,000
- 250-499 employees 36,000
– Large establishments: 42,000
- 500+ employees 42,000
PAY INSIGHTS
Pay gains were unchanged in August
Year-over-year pay gains were flat in August, remaining at 4.8 percent for job-stayers and 7.3 percent for job-changers.
Median Change in Annual Pay (ADP matched person sample)
– Job-Stayers 4.8%
– Job-Changers 7.3%
Median Change in Annual Pay for Job-Stayers by Industry Sector
– Goods-producing:
- Natural resources/mining 3.9%
- Construction 5.2%
- Manufacturing 4.7%
– Service-providing:
- Trade/transportation/utilities 4.5%
- Information 4.5%
- Financial activities 5.0%
- Professional/business services 4.7%
- Education/health services 5.1%
- Leisure/hospitality 4.9%
- Other services 4.9%
Median Change in Annual Pay for Job-Stayers by Firm Size
– Small firms:
- 1-19 employees 4.0%
- 20-49 employees 4.7%
– Medium firms:
- 50-249 employees 5.0%
- 250-499 employees 4.9%
– Large firms:
- 500+ employees 4.8%
