Private sector employment increased by 63,000 jobs in February and pay was up 4.5% year-over-year according to the February ADP National Employment Report produced by ADP Research in collaboration with the Stanford Digital Economy Lab.
The ADP National Employment Report is an independent measure of the labor market based on the anonymized weekly payroll data of more than 26 million private-sector employees in the United States. ADP’s Pay Insights captures over 15 million individual pay change observations each month.
“We’ve seen an increase in hiring and pay gains remain solid, especially for job-stayers,” said Nela Richardson, chief economist, ADP. “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.”
Pay growth for job-stayers was unchanged in February at 4.5% year-over-year. For job-changers, annualized pay growth slowed to 6.3%.
