Subjects: SVY, ECO
ADP National Employment Report: Private Sector Employment Increased by 184,000 Jobs in March; Annual Pay was Up 5.1%
ROSELAND, N.J., April 3, 2024 /PRNewswire/ -- Private sector employment increased by 184,000 jobs in March and annual pay was up 5.1 percent year-over-year, according to the March 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.
The jobs report and pay insights use ADP's fine-grained anonymized and aggregated payroll data to provide a representative picture of the private-sector labor market. The report details the current month's total private employment change, and weekly job data from the previous month. Because the underlying ADP payroll databases are continuously updated, the report provides a high-frequency, near real-time measure of U.S. employment. This measure reflects the number of employees on ADP client payrolls (Payroll Employment) to provide a richer understanding of the labor market. ADP's pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.
"March was surprising not just for the pay gains, but the sectors that recorded them. The three biggest increases for job-changers were in construction, financial services, and manufacturing," said Nela Richardson, chief economist, ADP. "Inflation has been cooling, but our data shows pay is heating up in both goods and services."
March 2024 Report Highlights*
View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.
JOBS REPORT
Private employers added 184,000 jobs in March
Last month saw the biggest jump in hiring since July, led by leisure and hospitality. Job gains were strong across industries with the exception of professional services, where hiring fell.
Change in U.S. Private Employment: 184,000
Change by Industry Sector
- Goods-producing: 42,000
- Natural resources/mining 8,000
- Construction 33,000
- Manufacturing 1,000
- Service-providing: 142,000
- Trade/transportation/utilities 29,000
- Information 8,000
- Financial activities 17,000
- Professional/business services -8,000
- Education/health services 17,000
- Leisure/hospitality 63,000
- Other services 16,000
Change by U.S. Regions
- Northeast: 20,000
- New England -1,000
- Middle Atlantic 21,000
- Midwest: 28,000
- East North Central 12,000
- West North Central 16,000
- South: 91,000
- South Atlantic 49,000
- East South Central 26,000
- West South Central 16,000
- West: 53,000
- Mountain 21,000
- Pacific 32,000
Change by Establishment Size
- Small establishments: 16,000
- 1-19 employees 27,000
- 20-49 employees -11,000
- Medium establishments: 93,000
- 50-249 employees 63,000
- 250-499 employees 30,000
- Large establishments: 87,000
- 500+ employees 87,000
PAY INSIGHTS
Pay gains for job-changers jumped in March
For job-stayers, year-over-year pay gains were flat at 5.1 percent after months of steady deceleration. At the same time, gains for job-changers rose dramatically to 10 percent, the second straight increase.
Median Change in Annual Pay (ADP matched person sample)
- Job-Stayers 5.1%
- Job-Changers 10.0%
Median Change in Annual Pay for Job-Stayers by Industry Sector
- Goods-producing:
- Natural resources/mining 4.7%
- Construction 5.7%
- Manufacturing 4.6%
- Service-providing:
- Trade/transportation/utilities 4.7%
- Information 4.8%
- Financial activities 5.3%
- Professional/business services 5.0%
- Education/health services 5.7%
- Leisure/hospitality 5.8%
- Other services 5.6%
Median Change in Annual Pay for Job-Stayers by Firm Size
- Small firms:
- 1-19 employees 4.7%
- 20-49 employees 5.2%
- Medium firms:
- 50-249 employees 5.3%
- 250-499 employees 5.1%
- Large firms:
- 500+ employees 4.9%
To see Pay Insights by U.S. State, Gender, and Age for Job-Stayers, visit here:
* Sum of components may not equal total, due to rounding.
The February total of jobs added was revised from 140,000 to 155,000. The historical data file, and weekly data for the previous month, is available at https://adpemploymentreport.com/.
To subscribe to monthly email alerts or obtain additional information about the ADP National Employment Report, including employment and pay data, interactive charts, methodology, and a calendar of release dates, please visit https://adpemploymentreport.com/.
The April 2024 ADP National Employment Report will be released at 8:15 a.m. ET on May 1, 2024.
About the ADP® National Employment Reporttm
The ADP National Employment Report is an independent measure of the change in U.S. private employment and pay derived from actual, anonymized payroll data of client companies served by ADP, a leading provider of human capital management solutions. The report is produced by ADP Research Institute in collaboration with the Stanford Digital Economy Lab.
The ADP National Employment Report is broadly distributed to the public each month, free of charge, as part of the company's commitment to offering deeper insights of the U.S. labor market and providing businesses and governments with a source of credible and valuable information.
About the ADP Research Institute®
The ADP Research Institute delivers data-driven discoveries about the world of work and derives reliable economic indicators from these insights. We offer these findings as a unique contribution to making the world of work better and more productive by delivering actionable insights to the economy at large.
About ADP (NASDAQ ? ADP)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com
ADP, the ADP logo, and Always Designing for People, ADP National Employment Report, and ADP Research Institute are registered trademarks of ADP, Inc. All other marks are the property of their respective owners.
Copyright © 2024 ADP, Inc. All rights reserved.
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SOURCE ADP, Inc.
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