According to the ADP National Employment Report for September, 2024, private sector employment increased by 143k jobs and annual pay was up 4.7% year-over-year. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees.“Stronger hiring didn’t require stronger pay growth last month…Typically, workers who change jobs see faster pay growth. But their premium over job-stayers shrank to 1.9 percent, matching a low we last saw in January.” Said ADP chief economist Nela Richardson.
