Private-sector employment increased in August; however, the market’s downward drift brought slower-than-normal hiring after two years of outsized growth.
Employment rose by 99,000 jobs in August and annual pay was up 4.8% year-over-year, according to Roseland-based ADP‘s National Employment Report released Thursday.
“The next indicator to watch is wage growth, which is stabilizing after a dramatic post-pandemic slowdown,” Nela Richardson, chief economist with ADP, said.
When looking at where the jobs surfaced, the service-providing sector saw the biggest increases, with education/health services seeing the most increases at 29,000; other services added 20,000; and financial activities added 18,000.
Medium-sized establishments, those with 50-499 employees, experienced the largest bump in additions, with 68,000 positions added.
Pay gains were unchanged in August. Year-over-year pay gains were flat in August, remaining at 4.8% for job-stayers and 7.3% for job-changers.
