- Prior was +296K (revised to +291K)
Details:
- small (less than 50 employees) +116K vs +121K prior
- medium firms (500 – 499) +112K vs +122K prior
- large (greater than 499 employees) +106K vs +47K prior
- Job stayers 6.5% vs 6.7%
- Job changers 12.1% vs 13.2%
The previous number was the best since June 2022 and this is only a slight dip. The US dollar is stronger across the board but there’s a small silver lining for the Fed here as the report says that wage-driven inflation may be less of a concern.
“This is the second month we’ve seen a full percentage point decline in pay growth for job changers,” said ADP’s chief economist. “Pay growth is slowing substantially, and wage-driven inflation may be less of a concern for the economy despite robust hiring.”