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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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The August ADP private sector employment report, the first to be produced under the new methodology, shows continued strong growth in private sector wages in August, though job creation itself was fairly muted, especially outside of the Leisure & Hospitality sector (which also led the way on pay).
- On pay growth (a new series produced by ADP): "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."
- Leisure and Hospitality employees saw by far the highest median pay change (+12.1%) though well off the 16.9% peak in March 2022.
- Notably in the context of the tight job market and still-elevated job openings (as seen in Tuesday's JOLTS): Job changers have seen a 16.1% median increase in changes, job stayers "just" 7.6%.
- Small businesses (1-49) saw employment rise 25k on net; mid-sized by 53k; large (500+) by 54k.
- Major job gains were in Leisure & Hospitality (+96k), Trade, Transportation, & Utilities (+53k) and Construction (+21k); losses were notable in Financial Activities (-20k), Education & Health Services
(-15k), Professional & Business Services (-14k).
Source: ADP
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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