ROSELAND, N.J., July 31,
2024 /PRNewswire/ -- Private sector employment
increased by 122,000 jobs in July and annual pay was up 4.8 percent
year-over-year, according to the July ADP® National
Employment Report™ 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.
"With wage growth abating, the labor market is playing along
with the Federal Reserve's effort to slow inflation," said
Nela Richardson, chief economist,
ADP. "If inflation goes back up, it won't be because of labor."
July 2024 Report
Highlights*
View the ADP National Employment Report and interactive
charts at www.adpemploymentreport.com.
JOBS REPORT
Private employers added 122,000 jobs in July
Job
creation edged down as pay gains continued to slow.
Change in U.S. Private Employment:
122,000
Change by Industry Sector
- Goods-producing: 37,000
- Natural resources/mining 2,000
- Construction 39,000
- Manufacturing -4,000
- Service-providing: 85,000
- Trade/transportation/utilities 61,000
- Information -18,000
- Financial activities 14,000
- Professional/business services -37,000
- Education/health services 22,000
- Leisure/hospitality 24,000
- Other services 19,000
Change by U.S. Regions
- Northeast: 21,000
- New England -2,000
- Middle Atlantic 23,000
- Midwest: 17,000
- East North Central 21,000
- West North Central -4,000
- South: 55,000
- South Atlantic 32,000
- East South Central 2,000
- West South Central 21,000
- West: 32,000
- Mountain 16,000
- Pacific 16,000
Change by Establishment Size
- Small establishments: -7,000
- 1-19 employees 15,000
- 20-49 employees -22,000
- Medium establishments: 70,000
- 50-249 employees 55,000
- 250-499 employees 15,000
- Large establishments: 62,000
PAY INSIGHTS
Pay gains slowed in July
Year-over-year pay gains for
job-stayers slowed to 4.8 percent in July, the slowest pace of
growth in three years. Job-changers saw a big drop, with pay gains
slowing to 7.2 percent from 7.7 percent.
Median Change in Annual Pay (ADP matched person
sample)
- Job-Stayers 4.8%
- Job-Changers 7.2%
Median Change in Annual Pay for Job-Stayers by Industry
Sector
-
Goods-producing:
- Natural resources/mining 4.0%
- Construction 5.3%
- Manufacturing 4.7%
-
Service-providing:
- Trade/transportation/utilities 4.6%
- Information 4.4%
- Financial activities 5.0%
- Professional/business services 4.7%
- Education/health services 5.2%
- Leisure/hospitality 4.9%
- Other services 5.0%
Median Change in Annual Pay for Job-Stayers by Firm
Size
- Small
firms:
- 1-19 employees 4.1%
- 20-49 employees 4.7%
- Medium
firms:
- 50-249 employees 5.0%
- 250-499 employees 4.9%
- 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 June total of jobs added was revised from 150,000 to
155,000. 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 August 2024 ADP National
Employment Report will be released at 8:15 a.m. ET on September
5, 2024.
About the ADP® National Employment Report™
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.