According to the latest ADP National Employment Report, produced by ADP Research in collaboration with the Stanford Digital Economy Lab, private sector employment increased by 63,000 jobs in February, and pay was up 4.5 percent year-over-year.
Pay grew 4.5% for those staying in their jobs while wage gains for job switchers moved down to 6.3%.
The growth was led by an increase in positions in construction, education, and health services.
Education and health services added 58,000 jobs for the month, while construction contributed 19,000.
Dr. Nela Richardson, ADP chief economist, stated, “We’ve seen an increase in hiring and pay gains remain solid, especially for job-stayers. But with hiring concentrated in only a few sectors, our data shows no widespread pay benefit from changing jobs. In fact, the pay premium for switching employers hit a record low in February.”
ADP also published an updated January report, stating that the total number of jobs added in January was revised downward from 22,000 to 11,000.
By CEO NA Editorial Staff
