164,000 Jobs in December; Annual Pay was Up 5.4%
Private sector employment increased by 164,000 jobs in
December and annual pay was up 5.4 percent year-over-year, according to the December 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.
…
“We’re returning to a labor market that’s very much aligned with pre-pandemic hiring,” said Nela
Richardson, chief economist, ADP. “While wages didn’t drive the recent bout of inflation, now that pay
growth has retreated, any risk of a wage-price spiral has all but disappeared.”
emphasis added
This was above the consensus forecast of 130,000. The BLS report will be released Friday, and the consensus is for 158 thousand non-farm payroll jobs added in November.