ADP Report: Significant Growth in Private Employment but Pay Growth Slows
ADP Report Highlights
- 296K jobs added in private sector in April
- Annual pay up 6.7% YoY
- Pay growth slowing down; aggressive hiring ongoing
ADP Report Overview
In April, the private sector saw an increase of 296,000 jobs and a 6.7% year-over-year rise in annual pay, according to the April ADP National Employment ReportTM, produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
This report draws on ADP’s anonymized and aggregated payroll data of over 25 million US employees to provide an accurate snapshot of the labor market. The report covers changes in private employment for the current month and job data from the previous month. ADP’s pay measure provides a unique view of earnings for almost 10 million employees over a 12-month period.
Nela Richardson, chief economist at ADP, stated that “The slowdown in pay growth gives the clearest signal of what’s going on in the labor market right now. Employers are hiring aggressively while holding pay gains in check as workers come off the sidelines. Our data also shows fewer people are switching jobs.”