Moderate Job Growth and Pay Increases in the U.S. Private Sector
In November 2023, the U.S. private sector experienced moderate job growth, adding 103,000 new positions, as reported by the ADP National Employment Report™. This figure, though positive, was below market expectations of 131,000 jobs, indicating a slight slowdown in the employment rate. The report, a collaboration between the ADP Research Institute® and the Stanford Digital Economy Lab, also noted a significant 5.6% year-over-year increase in annual pay, marking a continuing trend in wage growth.
Sectoral and Regional Job Distribution
The job gains were uneven across sectors and regions. The service-providing sector led with 117,000 new jobs, primarily in trade/transportation/utilities and education/health services. However, there was a notable decline in leisure/hospitality…
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