Summary:
ADP report: The US added 164,000 jobs in December, surpassing 130,000 expectations, signaling a robust close to the 2023 labor market.
Jan ADP
31/1/2024 (Wed)
Previous (Dec): 164k Forecast: 135k
Hiring in the private sector rose at a faster-than-expected pace in December, closing out a strong 2023 for the resilient US jobs market.
Private payrolls increased by 164k for the month, a substantial rise from the downwardly revised 101k in November and better than the 130k estimate. The pace of earnings growth decelerated again.
“We’re returning to a labour market that’s very much aligned with pre-pandemic hiring,” ADP’s chief economist, Nela Richardson, said. “While wages didn’t drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared.”
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