Private sector employment increased in December and annual pay was up again year-over-year, according to the ADP National Employment Report released Wednesday. 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.
Employment rose by 122,000 jobs in December and annual pay was up 4.6 percent year-over-year. The health care sector stood out in the second half of the year as it created more jobs than any other sector, while employment in manufacturing shrank for the third straight month.
When looking at where the jobs surfaced, education/health services added 57,000 positions; construction was up 27,000 spots; leisure/hospitality increased by 22,000; other services increased by 13,000; financial activities was up 12,000; trade/transportation/utilities was up by 8,000; and information increased by 5,000.
Large sized establishments, those with 500+ employees, experienced the largest bump in additions, with 97,000 jobs added.
