The nonfarm private sector gained 122,000 jobs in December and annual pay was up 4.6% year-over-year, according to the ADP National Employment Report. This follows an unchanged November report of 146,000 jobs.
Small businesses with fewer than 50 employees gained 5,000 jobs. Medium-sized businesses with 50-499 employees gained 9,000 jobs and large businesses gained 97,000.
“The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains,” said Nela Richardson, chief economist, ADP. “Health care stood out in the second half of the year, creating more jobs than any other sector.”
Service-providing employment gained 112,000 jobs driven by gains in education/health services 57,000 followed by leisure/hospitality which grew by 22,000.
Goods producing-employment gained 10,000 jobs. Construction gained 27,000 jobs, while natural resources/mining lost 6,000 jobs, and manufacturing lost 11,000 jobs.
Read the ADP report.
