103,000 Jobs in November; Annual Pay was Up 5.6%
Private sector employment increased by 103,000 jobs in
November and annual pay was up 5.6 percent year-over-year, according to the November ADP® National
Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital
Economy Lab (“Stanford Lab”). T The ADP National Employment Report is an independent measure and
high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more
than 25 million U.S. employees.
…
“Restaurants and hotels were the biggest job creators during the post-pandemic recovery,” said Nela
Richardson, chief economist, ADP. “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.”
emphasis added
This was below the consensus forecast of 120,000. The BLS report will be released Friday, and the consensus is for 200 thousand non-farm payroll jobs added in November.