US Adds Jobs in July, but Pay Growth Slows

Staffing Industry Analysts (08/02/23)

Employment in the US private sector rose by 324,000 jobs in July with the leisure/hospitality sector leading the way, according to the ADP National Employment Report released August 2nd. However, the report also found that annual pay growth slowed to 6.2% year over year, its slowest pace since November 2021.

“The economy is doing better than expected, and a healthy labor market continues to support household spending,” Nela Richardson, chief economist at ADP, said in a press release. “We continue to see a slowdown in pay growth without broad-based job loss.”

ADP noted small and midsize businesses continued to drive job growth in July, gaining 237,000 and 138,000 jobs, respectively. On the flip side, large establishments lost 67,000 jobs in July.

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