ADP: Employment, Pay Increase

By Staff Writer August 31, 2022 228

Private sector employment increased by 132,000 jobs in August and annual pay was up 7.6% according to the August ADP National Employment Report.

The jobs report and pay insights use ADP’s aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market.

The report details thecurrent month’s total private employment change, and weekly job data from the previous month. ADP’spay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-monthperiod.

“Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try todecipher the economy’s conflicting signals,” said Nela Richardson, chief economist, ADP. “We could be atan inflection point, from super charged job gains to something more normal.”

Job growth slowed for a second-straight month in August. Private employers created 132,000 jobs in August, a step down from the month before, when the economy created nearly 270,000 jobs. Payroll growth also slowed in July when compared to June of this year.

Year-over-year change in annual pay was 7.6 percent in August, in line with monthly readings since Spring 2022. In early 2021, annual pay increases were running at about 2 percent. While the pace of pay increases is elevated, its growth has flattened.

Rate this item
(0 votes)
Last modified on Thursday, 08 September 2022 14:42