MNI BRIEF: US Hiring, Pay Growth Continue Downshift- ADP
MNI (WASHINGTON) - A balanced and stable U.S. labor market in 2024 marked by gradual cooldowns in hiring and pay growth could give way to weakness in the new year, ADP chief economist Nela Richardson said Wednesday.
Private employers added 122,000 jobs last month, down from over 180,000 in October and 152,000 in November, and annual pay gains for job stayers dipped to 4.6%, the lowest since July 2021, according to the payrolls processor. Job changers also saw pay gains pared a tenth to 7.1% in the month and down a point from a year earlier.
"The labor market is still looking to attract workers. Layoffs are still very, very low," Richardson told reporters on a call. Job openings picked up slightly in the latest Labor Department data but quits also declined, she noted. Worker sentiment according to ADP surveys peaked in June and has been falling steadily. "Workers are largely staying put. You can see that this calm, quiet, stable market is right for disruption." (See: MNI INTERVIEW: Fed Won't Consider Cuts Until March - Benigno)