In March, private sector employment experienced a significant increase, adding 184,000 jobs, according to the ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab. The report, based on actual anonymized payroll data of over 25 million U.S. employees, provides a high-frequency view of the private-sector labor market.

The latest report highlights a 5.1% year-over-year growth in annual pay, indicating positive financial trends for employees. This growth surpasses the steady deceleration observed in previous months and offers a positive outlook for workers. Of particular note, job-changes within the construction, financial services, and manufacturing sectors recorded the most significant pay gains, reflecting an overall positive trend for job-changers.

However, despite the overall positive employment figures, the professional services industry experienced a decrease in hiring during this period. This decline offsets the strong job gains observed across other industries, such as leisure and hospitality.

The ADP National Employment Report stands out for its use of fine-grained anonymized and aggregated payroll data, which offers a representative snapshot of the private-sector labor market. This enables a near real-time analysis of U.S. employment dynamics, constantly updated to reflect the number of employees on ADP client payrolls.

The report also highlights the median change in annual pay for job-stayers by industry sector. Overall, the data indicates a flat 5.1% growth in pay for job-stayers, remaining consistent with previous months. Conversely, job-changers experienced a significant 10% increase in pay, marking the second consecutive rise in this category.

For a more in-depth analysis of pay insights by U.S. states, gender, and age for job-stayers, interested parties can visit the specified website. Additionally, the report indicates that the total number of jobs added in February has been revised from 140,000 to 155,000.

The ADP National Employment Report serves as an essential resource for businesses and governments, offering credible and valuable information on the U.S. labor market. This monthly report, distributed free of charge, showcases the commitment of ADP to provide deep insights on employment trends and support informed decision-making.

Looking ahead, the ADP National Employment Report for April 2024 is scheduled for release on May 1st at 8:15 a.m. ET. With its focus on independent and reliable economic indicators, derived from data-driven discoveries about the world of work, the ADP Research Institute continues to deliver valuable insights that contribute to a more productive and efficient work landscape.

About ADP:
ADP, a leader in human capital management solutions, collaborates with the Stanford Digital Economy Lab to produce the ADP National Employment Report. The ADP Research Institute utilizes data-driven insights to deliver reliable economic indicators and actionable findings that make the world of work better and more productive.

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