US ADP
- Prior was +146K
- Annual pay growth for job-stayers 4.6% vs 4.8% prior
- Job-changers’ pay gains 7.1% vs 7.2% prior
- Services +112K vs +140K prior
- Goods +10K vs +6K prior
This is a more-benign jobs report and should help to cool some of the inflation angst in the market.
“The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains. Health care stood out in the second half of the year, creating more jobs than any other sector,” said Nela Richardson, chief economist at ADP.