Following the addition of 99,000 jobs in August, private sector employment grew by 143,000 jobs in September, according to the latest ADP National Employment Report.
Most of the month’s growth was in leisure/hospitality (+34,000) and construction (+26,000), while information lost 10,000 jobs. The largest businesses (500+ employees) gained the most jobs in September (+86,000), but the smallest companies (1-19 employees) declined by 13,000 jobs.
Annual pay gains continued to drop over the month, inching down to 4.7% from 4.8% for job-stayers and decreasing to 6.6% from 7.3% for job-stayers.
“Stronger hiring didn’t require stronger pay growth last month,” said Nela Richardson, ADP’s chief economist. “Typically, workers who change jobs see faster pay growth. But that premium over job-stayers shrank to 1.9%, matching a low we last saw in January.”
