US private sector adds more jobs than expected in December - ADP
By Michele Maatouk
Date: Thursday 04 Jan 2024
(Sharecast News) - Private sector employment in the US rose more than expected in December, according to figures released on Thursday by ADP.
Employment increased by 164,000 from November, versus expectations for a 115,000 jump. November's gain was revised down to 101,000 from 103,000.
Small businesses with fewer than 50 employees added 74,000 jobs, while medium businesses with between 50 and 499 employees added 53,000. Large businesses with more than 500 employees created an additional 40,000 jobs.
The service sector added 155,000 jobs, while the goods-producing sector saw a 9,000 increase.
The data also showed that job-stayers saw a 5.4% rise in annual pay in December, down from 5.6% a month earlier. Job-changers saw pay growth of 8%.
Nela Richardson, chief economist at ADP, said: "We're returning to a labour market that's very much aligned with pre-pandemic hiring.
"While wages didn't drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared."
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