According to the ADP Research Institute, US private wages increased at a solid pace in September. Despite economic uncertainty, it has been suggested that labor demand has remained healthy.
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ADP compiled the data in collaboration with the Stanford Digital Economy Lab.
While there are some signs of slowing labor demand, ADP data shows the labor market remains strong as the Fed tries to keep inflation at its highest level in decades without triggering a spike in unemployment.
Employment growth in commerce, transport and public services accounted for nearly three-quarters of private employment growth in September. On the other hand, it decreased in the manufacturing and mining industries. Employment in the financial sector also fell to its lowest level since December 2020.
Number of private sector employees
Source: ADP
The statistics also showed new insights into wage growth, with wages for those who changed jobs up 15.7% from a year ago. Wages for those who have not changed jobs increased by 7.8%, the biggest increase in at least two years. The wage increases for those who have not changed jobs have mostly been in large companies.
“We continue to see solid employment growth,” ADP chief economist Nella Richardson said in a statement. “Year-over-year wage growth for those who changed jobs slowed in September from the previous month, while wages for those who didn’t change jobs increased,” she continued.
See the table for detailed statistics.
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US companies added 208,000 jobs in September, ADP Data Show(extract)
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