The August ADP National Employment Report has provided a snapshot of the U.S. labor market, revealing a 99,000 increase in private sector jobs and a 4.8% year-over-year rise in annual pay. Produced by ADP Research in collaboration with the Stanford Digital Economy Lab, this report offers an independent and detailed measure of the private-sector employment landscape based on anonymized payroll data from over 25 million U.S. employees.
- Job Market Overview:
- Employment Increase: The private sector added 99,000 jobs in August, indicating continued but moderated job growth following two years of rapid expansion.
- Annual Pay Growth: Annual pay saw an increase of 4.8% year-over-year, reflecting ongoing wage growth despite a general slowdown in the labor market.
- Report Methodology:
- Data Source: The ADP National Employment Report uses anonymized payroll data from ADP’s extensive database to provide a near real-time view of private-sector employment trends. This includes weekly job data from the previous month and an analysis of earnings for nearly 10 million employees over a 12-month period.
- High-Frequency Insights: By continuously updating payroll data, the report offers a timely and detailed perspective on labor market dynamics, including the number of employees on ADP client payrolls (Payroll Employment).
Expert Commentary:
- Nela Richardson, Chief Economist at ADP: “The job market’s recent trend reflects a move towards slower hiring rates compared to the extraordinary growth seen in the past two years. The focus now shifts to wage growth, which is stabilizing following a significant post-pandemic slowdown.”
The August ADP National Employment Report highlights a steady increase in private sector jobs and a notable rise in annual pay. These insights offer valuable information for understanding current labor market conditions and emerging trends.
