ADP employment
  • Prior was +113K (revised to +106K)


  • small (less than 50 employees) +6K vs +19K prior
  • medium firms (500 – 499) +68K vs +78K prior
  • large (greater than 499 employees) +33K vs +18K prior

Changes in pay:

  • Job stayers 5.6% vs 5.7% prior -- slowest since Sept 2021
  • Job changers 8.3% vs 8.4% prior

This is a great 'soft landing' report with job growth continuing but not contracting and wage numbers cooling. The US dollar has barely moved on the data.

"Restaurants and hotels were the biggest job creators during the post-pandemic recovery. But that boost is behind us, and the return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024," said Nela Richardson, chief economist at ADP.