- Prior was 150K (revised to 155K)
- Annual pay growth for job-stayers slowed to 4.8%, lowest in 3 years, down from 5.0% prior
- Job-changers' pay gains dropped to 7.2% from 7.7%
More details:
- Goods-producing sectors added 37K jobs, with construction leading at +39K
- Services sectors added 85K, led by trade/transportation/utilities at +61K
- Professional/business services saw notable job losses of -37K
“With wage growth abating, the labor market is playing along with the Federal Reserve's effort to slow inflation,” said Nela Richardson, chief economist, ADP. “If inflation goes back up, it won't be because of labor.”
The softness in the headline is modest but should give the Fed a bit more confidence that it's time to signal policy normalization.
