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Private-sector employment increased by 89,000 jobs in September, the slowest pace of growth since January 2021, when private employers shed jobs. Additionally, according to the monthly ADP National Employment Report released Wednesday, annual pay was up 5.9% year-over-year.
“We are seeing a steepening decline in jobs this month,” Nela Richardson, chief economist of ADP, said. “Additionally, we are seeing a steady decline in wages in the past 12 months.”
When looking at where the job losses are occurring, large establishments drove the slowdown, losing 83,000 jobs and wiping out gains they made in August. Small establishments gained 95,000 jobs, while medium-sized ones added 72,000.
Within the goods-producing sector, which, overall, added 8,000 jobs, manufacturing positions declined by 12,000, while construction gained 16,000 and natural resources/mining added 4,000.
The service-providing sector added 81,000 overall positions, with the gains taking place in the leisure/hospitality trades at +92,000; financial activities, +17,000; education/health services, +10,000; other services, +6,000; and information, +1,000. Losses occurred in the professional/business services, at -32,000 and trade/transportation/utilities, -13,000.
Meanwhile, pay growth slowed again in September, marking the 12th straight month of slowing growth as job stayers saw a 5.9% year-over-year pay increase. Pay gains also shrank for job changers, to 9%, down from 9.7% in August.
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