More jobs added in the private sector than expected

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The labor market is changing.

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SOPA Images | Getty Images ADP is a payroll and HR company.

Amid concerns about a slowdown, layoffs and workforce cuts and 8.3% year-on-year inflation by August 2022, employers may have the power again.

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According to ADP’s National Employment Report, which uses payroll company data from more than 500,000 employers in the US, jobs increased by 208,000. In August, 185,000 jobs were reported.

For September, the ADP reported a job increase of 208,000. This is higher than the number revised in August, 185,000 jobs.

According to CNBC, the increase was higher than the Dow Jones estimate of 200,000.

The pandemic has put many people out of work amid childcare demands, layoffs and illness. However, the report pointed to a pandemic-era labor trend, great resignations, which many workers used to seek better job conditions or start businesses in a lower labor market, which may be less.

The ADP said wage growth for job changers slowed in August after making the jump from the summer of 2021.

The annual, average change in salary for job changers was 15.7% in September. This revised number was 16.2% in August.

“This is the largest drop in our data’s three-year history,” the company said. Those who remained employed saw an average increase of 7.8% in annual salaries in September.

The report also shows that jobs increase and decrease in different industries. The “goods-producers” lost 29,000 jobs, including natural resources and mining, construction and manufacturing.

Trade, transportation and utilities, which is a large bucket that includes moving goods around and working in an electricity company, saw the biggest gains at 147,000. Hospitality, an industry that has reportedly been struggling to keep up with hiring since the pandemic, saw an increase of 31,000 jobs in September.

The ADP report is one of several labor measurement economy trackers.

The Bureau of Labor Statistics maintains a range of reports, including the “jobs report,” aka, non-farm payrolls, which measure employment in the U.S. It will be released Friday.

ADP has a market capitalization of around $100 billion.

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