ROSELAND, N.J., June 5, 2024
/PRNewswire/ -- Private sector employment increased by 152,000
jobs in May and annual pay was up 5.0 percent year-over-year,
according to the May 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.
"Job gains and pay growth are slowing going into the second half
of the year," said Nela Richardson,
chief economist, ADP. "The labor market is solid, but we're
monitoring notable pockets of weakness tied to both producers and
consumers."
May 2024 Report
Highlights*
View the ADP National Employment Report and interactive
charts at www.adpemploymentreport.com.
JOBS REPORT
Private employers added 152,000 jobs in May
Job gains
were slower in May due to a steep decline in manufacturing. Leisure
and hospitality also showed weaker hiring.
Change in U.S. Private Employment:
152,000
Change by Industry Sector
- Goods-producing: 3,000
- Natural resources/mining -9,000
- Construction 32,000
- Manufacturing -20,000
- Service-providing:
149,000
- Trade/transportation/utilities 55,000
- Information -7,000
- Financial activities 28,000
- Professional/business services -6,000
- Education/health services 46,000
- Leisure/hospitality 12,000
- Other services 21,000
Change by U.S. Regions
- Northeast: 44,000
- New England -1,000
- Middle Atlantic 45,000
- Midwest: 9,000
- East North Central 6,000
- West North Central 3,000
- South: 101,000
- South Atlantic 45,000
- East South Central -4,000
- West South Central 60,000
- West: -10,000
- Mountain 8,000
- Pacific -18,000
Change by Establishment Size
- Small establishments:
-10,000
- 1-19 employees 26,000
- 20-49 employees -36,000
- Medium establishments: 79,000
- 50-249 employees 49,000
- 250-499 employees 30,000
- Large establishments: 98,000
PAY INSIGHTS
Pay gains for job-changers slowed in
May
Year-over-year pay gains for job-changers fell for the
second month. Pay for job-changers was up 7.8 percent while pay
growth for job-stayers held steady for the third month at 5
percent.
Median Change in Annual Pay (ADP matched person
sample)
- Job-Stayers 5.0%
- Job-Changers 7.8%
Median Change in Annual Pay for Job-Stayers by Industry
Sector
-
Goods-producing:
- Natural resources/mining 4.4%
- Construction 5.3%
- Manufacturing 4.7%
-
Service-providing:
- Trade/transportation/utilities 4.6%
- Information 4.6%
- Financial activities 5.1%
- Professional/business services 4.8%
- Education/health services 5.5%
- Leisure/hospitality 5.5%
- Other services 5.3%
Median Change in Annual Pay for Job-Stayers by Firm
Size
- Small
firms:
- 1-19 employees 4.2%
- 20-49 employees 5.0%
- Medium
firms:
- 50-249 employees 5.2%
- 250-499 employees 5.0%
- Large
firms:
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 April total of jobs added was revised from 192,000 to
188,000. The historical data file, and weekly data for the previous
month, is available at https://adpemploymentreport.com/.
The April Pay Insights numbers have also been revised from 9.3
percent to 8 percent for job-changers due to a process correction
in March to the Pay Insights data.
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 June 2024 ADP National
Employment Report will be released at 8:15 a.m. ET on July 3,
2024.
About the ADP® National Employment Report™
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.