The national employment report for December 2023, prepared by the ADP Research Institute in cooperation with the Stanford Digital Economy Lab, was published.

Accordingly, private sector employment in the US increased by 164 thousand people in December last year.

Private sector employment, which exceeded market expectations, was expected to increase by 115 thousand in this period.

Private sector employment data for November was revised from 103 thousand to 101 thousand.

Employment increased by 74 thousand in small-scale enterprises, 53 thousand in medium-sized enterprises and 40 thousand in large-scale enterprises. In the said period, 155 thousand of the increase in employment was realized in the service sector, while there was an increase of 9 thousand in the production sector.

Slowdown in wage growth continues

According to ADP private employment data calculated using payroll information of more than 25 million employees in the US, the annual wage increased by 5.4 percent in December last year.

Wage growth, which has continued to slow since September 2022, was 5.6 percent in November.

ADP Research Institute Chief Economist Nela Richardson, in her assessment of the data, stated that the labor market has returned to a labor market that is quite compatible with pre-pandemic hiring, emphasizing that the risk of a wage-price spiral has almost completely disappeared due to the decline in wage increases.