ADP reported an addition of 122,000 private jobs in December, the lowest monthly reading since August 2024 and a slowdown from this past November's print of 152,000 new roles.
ADP Chief Economist Nela Richardson appears on Wealth to highlight the takeaways from the private payroll report, including the employment growth seen in the healthcare sector: "I do think there we'll still see strong healthcare job creation, but I don't think it will be enough to drive the labor market fully on its own."
Richardson also discusses wage growth stabilizing and what this means for job stayers who have been in their jobs for a long time.
“We’re seeing wages start to stabilize but there's been a downward trend in wage growth," Richardson tells Brad Smith. "Wage growth is at 4.6%. That's above inflation; that's good news. It's also higher than it was when inflation was much lower. So, the challenge for the Fed [Federal Reserve] is wage growth, which is good for workers."
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The US Bureau of Labor Statistics (BLS) will report nonfarm payroll jobs data for the month of December this Friday, January 10.
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This post was written by Josh Lynch