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ADP National Employment Report: Private Sector Employment Increased by 99,000 Jobs in August; Annual Pay was Up 4.8%

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The August ADP® National Employment Report™ reveals that private sector employment increased by 99,000 jobs in August 2024, while annual pay rose 4.8% year-over-year. This marks the fifth consecutive month of slowing job creation among private employers, indicating a cooling labor market. Key highlights include:

- Goods-producing sectors added 27,000 jobs
- Service-providing sectors added 72,000 jobs
- The South region led with 55,000 new jobs
- Medium establishments (50-499 employees) contributed the most with 68,000 jobs
- Pay gains remained stable at 4.8% for job-stayers and 7.3% for job-changers

The report, based on actual payroll data from over 25 million U.S. employees, provides a high-frequency, near real-time measure of U.S. employment and pay insights.

Il Rapporto Nazionale sull'Occupazione ADP® di agosto rivela che l'occupazione nel settore privato è aumentata di 99.000 posti di lavoro ad agosto 2024, mentre la retribuzione annuale è aumentata del 4,8% rispetto all'anno precedente. Questo segna il quinto mese consecutivo di rallentamento nella creazione di posti di lavoro tra i datori di lavoro privati, indicando un raffreddamento del mercato del lavoro. I punti salienti includono:

- I settori produttivi hanno aggiunto 27.000 posti di lavoro
- I settori dei servizi hanno aggiunto 72.000 posti di lavoro
- La regione del Sud ha guidato con 55.000 nuovi posti di lavoro
- Gli stabilimenti di medie dimensioni (50-499 dipendenti) hanno contribuito di più con 68.000 posti di lavoro
- I guadagni salariali sono rimasti stabili al 4,8% per coloro che rimangono nel posto e al 7,3% per chi cambia lavoro

Il rapporto, basato su dati retributivi reali di oltre 25 milioni di dipendenti statunitensi, fornisce una misura ad alta frequenza e quasi in tempo reale delle informazioni sull'occupazione e sulle retribuzioni negli Stati Uniti.

El Informe Nacional de Empleo ADP® de agosto revela que el empleo en el sector privado aumentó en 99,000 puestos de trabajo en agosto de 2024, mientras que el salario anual creció un 4.8% interanual. Esto marca el quinto mes consecutivo de desaceleración en la creación de empleo entre los empleadores privados, lo que indica un enfriamiento del mercado laboral. Los aspectos más destacados incluyen:

- Los sectores productivos añadieron 27,000 puestos de trabajo
- Los sectores de servicios añadieron 72,000 puestos de trabajo
- La región Sur lideró con 55,000 nuevos empleos
- Los establecimientos medianos (50-499 empleados) contribuyeron más con 68,000 puestos de trabajo
- Los aumentos salariales se mantuvieron estables en un 4.8% para los empleados permanentes y un 7.3% para los que cambian de trabajo

El informe, basado en datos de nómina reales de más de 25 millones de empleados en EE. UU., proporciona una medida de alta frecuencia y casi en tiempo real de la información sobre empleo y salarios en EE. UU.

2024년 8월 ADP® 국가 고용 보고서에 따르면 민간 부문 고용이 99,000개 일자리 증가했습니다. 연간 급여는 전년 대비 4.8% 상승했습니다. 이는 민간 고용주 사이에서 일자리 창출 둔화가 다섯 번째 월 consecutivo에 접어들었다는 것을 의미하며 노동 시장이 냉각되고 있음을 나타냅니다. 주요 하이라이트는 다음과 같습니다:

- 상품 생산 부문에서 27,000개 일자리를 추가했습니다
- 서비스 제공 부문에서 72,000개 일자리를 추가했습니다
- 남부 지역이 55,000개의 새로운 일자리로 선두를 차지했습니다
- 중간 규모의 사업체(50-499명 직원)가 68,000개의 일자리로 가장 많은 기여를 했습니다
- 고용 유지자는 4.8%, 직장을 바꾼 사람은 7.3%의 급여 인상을 보였습니다

이 보고서는 2500만 명 이상의 미국 직원의 실제 급여 데이터를 기반으로 하여 미국의 고용 및 급여 통찰력에 대한 고주파, 거의 실시간 측정을 제공합니다.

Le rapport national sur l'emploi ADP® d'août révèle que l'emploi dans le secteur privé a augmenté de 99.000 emplois en août 2024, tandis que le salaire annuel a augmenté de 4,8 % en glissement annuel. Cela marque le cinquième mois consécutif de ralentissement de la création d'emplois parmi les employeurs privés, indiquant un refroidissement du marché du travail. Les points saillants comprennent :

- Les secteurs de production de biens ont ajouté 27.000 emplois
- Les secteurs de services ont ajouté 72.000 emplois
- La région Sud a été en tête avec 55.000 nouveaux emplois
- Les établissements de taille moyenne (50-499 employés) ont contribué le plus avec 68.000 emplois
- Les augmentations de salaire sont restées stables à 4,8 % pour les personnes restant en poste et à 7,3 % pour celles changeant d'emploi

Le rapport, basé sur des données de paie réelles de plus de 25 millions d'employés américains, fournit une mesure à haute fréquence et presque en temps réel des informations sur l'emploi et les salaires aux États-Unis.

Der August ADP® National Employment Report™ zeigt, dass die Beschäftigung im privaten Sektor um 99.000 Arbeitsplätze gestiegen ist im August 2024, während die jährlichen Löhne im Vergleich zum Vorjahr um 4,8% gestiegen sind. Dies markiert den fünften Monat in Folge mit einer Verlangsamung der Jobschaffung unter privaten Arbeitgebern, was auf einen abkühlenden Arbeitsmarkt hinweist. Wichtige Highlights sind:

- Die Güter produzierenden Sektoren haben 27.000 Arbeitsplätze hinzugefügt
- Die Dienstleistungssektoren haben 72.000 Arbeitsplätze hinzugefügt
- Die Region Süden führte mit 55.000 neuen Arbeitsplätzen
- Mittelständische Unternehmen (50-499 Mitarbeiter) trugen mit 68.000 Arbeitsplätzen am meisten bei
- Die Lohnzuwächse blieben bei 4,8% für Jobverweiler und 7,3% für Jobwechsler stabil

Der Bericht, der auf tatsächlichen Lohnabrechnungsdaten von über 25 Millionen US-Mitarbeitern basiert, liefert eine hochfrequente, nahezu Echtzeit-Messung der US-Beschäftigung und Lohninformationen.

Positive
  • Private sector employment increased by 99,000 jobs in August
  • Annual pay rose 4.8% year-over-year
  • Medium establishments (50-499 employees) added 68,000 jobs
  • The South region led job growth with 55,000 new jobs
  • Pay gains for job-changers remained strong at 7.3%
Negative
  • Job creation among private employers slowed for the fifth straight month
  • Small establishments (1-49 employees) lost 9,000 jobs
  • Manufacturing sector lost 8,000 jobs
  • Professional/business services sector lost 16,000 jobs
  • July's job addition was revised down from 122,000 to 111,000

Insights

The August ADP National Employment Report reveals a continued cooling of the U.S. labor market. With private sector employment increasing by 99,000 jobs, we're seeing a fifth consecutive month of slowing job creation. This trend suggests a normalization after the post-pandemic surge.

The service-providing sector led job gains with 72,000 new positions, while goods-producing industries added 27,000 jobs. Notably, manufacturing saw a decline of 8,000 jobs, potentially indicating challenges in this sector.

Annual pay growth remained stable at 4.8% for job-stayers and 7.3% for job-changers. This wage stability amid slowing job growth could indicate a balancing act between employers' cost management and the need to retain talent in a still-tight labor market.

The 99,000 job increase falls below the pre-pandemic average, signaling a potential shift towards more sustainable growth. This moderation, coupled with stable wage growth, may ease inflationary pressures, potentially influencing the Federal Reserve's monetary policy decisions.

The regional disparity in job creation is noteworthy, with the South adding 55,000 jobs, while the Midwest only added 7,000. This uneven growth could have implications for regional economic development and migration patterns.

The continued strength in medium and large establishments, adding 68,000 and 42,000 jobs respectively, contrasts with the loss of 9,000 jobs in small establishments. This trend may reflect the ongoing challenges faced by small businesses in the current economic environment.

The slower job growth and stable wage increases present a mixed picture for investors. While it may alleviate concerns about aggressive interest rate hikes, it also signals a cooling economy, which could impact corporate earnings.

The education/health services sector showed resilience, adding 29,000 jobs, which could be attractive for investors looking for defensive plays. Conversely, the decline in manufacturing and professional/business services jobs might warrant caution for related industries.

The divergence between job-stayer (4.8%) and job-changer (7.3%) wage growth remains significant. This could lead to increased labor mobility and potentially higher costs for companies trying to retain top talent, affecting profit margins in competitive sectors.

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*

View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.

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%

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.

ADP conducted a rebenchmarking of its employment data in August based on full-year 2023 results from the Quarterly Census of Employment and Wages (QCEW). This resulted in a decline of 9,000 jobs in the August ADP National Employment Report. ADP's full-year benchmarking will take place in February 2025 with the publication of the January 2025 report.

The July total of jobs added was revised from 122,000 to 111,000. The historical data file and weekly data for the previous month are 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 September 2024 ADP National Employment Report will be released at 8:15 a.m. ET on October 2, 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 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
The mission of ADP Research is to make the future of work more productive through data-driven discovery. Companies, workers, and policymakers rely on our finely tuned data and unique perspective to make informed decisions that impact workplaces around the world.

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, ADP Research Institute and ADP Research are 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.

FAQ

How many private sector jobs were added in August 2024 according to the ADP National Employment Report?

According to the ADP National Employment Report, private sector employment increased by 99,000 jobs in August 2024.

What was the annual pay increase reported by ADP for August 2024?

The ADP report showed that annual pay was up 4.8% year-over-year in August 2024.

Which industry sectors showed job losses in the August 2024 ADP report?

The August 2024 ADP report showed job losses in manufacturing (-8,000), information (-4,000), and professional/business services (-16,000) sectors.

How did ADP's employment data change after rebenchmarking in August 2024?

ADP's rebenchmarking of employment data in August 2024 resulted in a decline of 9,000 jobs in the ADP National Employment Report.

What was the pay increase for job-stayers versus job-changers according to ADP's August 2024 report?

According to ADP's August 2024 report, job-stayers saw a 4.8% increase in annual pay, while job-changers experienced a 7.3% increase.

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