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Wednesday, August 30, 2023

ADP: Private Employment Increased 177,000 in August

by Calculated Risk on 8/30/2023 08:18:00 AM

From ADP: ADP National Employment Report: Private Sector Employment Increased by 177,000 Jobs in August; Annual Pay was Up 5.9%

Private sector employment increased by 177,000 jobs in August and annual pay was up 5.9 percent year-over-year, according to the August ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
“This month's numbers are consistent with the pace of job creation before the pandemic,” said Nela Richardson, chief economist, ADP. “After two years of exceptional gains tied to the recovery, we're moving toward more sustainable growth in pay and employment as the economic effects of the pandemic recede.”
emphasis added
This was below the consensus forecast of 194,000. The BLS report will be released Friday, and the consensus is for 187 thousand non-farm payroll jobs added in August.