November saw the nation’s employment level increase, according to the monthly ADP National Employment Report released Wednesday, as the private sector added 103,000 jobs. Last month brought moderate growth in hiring and another slowdown in pay gains. Both goods and services saw weakness, with leisure and hospitality and manufacturing posting declines.
“Restaurants and hotels were the biggest job creators during the post-pandemic recovery,” Nela Richardson, chief economist, ADP, said. “But that boost is behind us, and the return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024.”
The ADP report also showed annual pay was up 5.6% year-over-year.
Looking at where the jobs were added, the service-providing sector added 117,000 positions, with trade/transportation/utilities contributing the most at 55,000.
In terms of company size, hiring was strong within the medium-sized establishments — adding 68,000 spots. Large establishments gained 33,000 positions and small businesses gained 6,000.
November’s pay growth continued its slowdown in November, with job-stayers experiencing a 5.6% pay increase, the slowest pace of gains since September 2021.