ADP News Release (01/04/24)

Private sector employment increased by 164,000 jobs in December and annual pay was up 5.4% year-to-year, according to the December ADP National Employment Report. “We’re returning to a labor market that’s very much aligned with prepandemic hiring,” said Nela Richardson, chief economist, ADP. “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.”