107,000 Jobs in January; Annual Pay was Up 5.2%
Private sector employment increased by 107,000 jobs in
January and annual pay was up 5.2 percent year-over-year, according to the January ADP® National
Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital
Economy Lab (“Stanford Lab”). 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.
…
“Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” said
Nela Richardson, chief economist, ADP. “Wages adjusted for inflation have improved over the past six
months, and the economy looks like it’s headed toward a soft landing in the U.S. and globally.”
emphasis added
This was below the consensus forecast of 130,000. The BLS report will be released Friday, and the consensus is for 162 thousand non-farm payroll jobs added in January.