Private employers added 89,000 jobs in September. September showed the slowest pace of growth since January 2021, when private employers shed jobs. Large establishments drove the slowdown, losing <83,000> jobs and wiping out gains they made in August.
Change in U.S. Private Employment: 89,000
Change by Industry Sector
Natural resources/mining 4,000
Financial activities 17,000
Professional/business services -32,000
Education/health services 10,000
Other services 6,000
Change by U.S. Regions
New England -1,000
Middle Atlantic 35,000
East North Central 0
West North Central 2,000
South Atlantic 43,000
East South Central 15,000
West South Central -74,000
Change by Establishment Size
Small establishments: 95,000
1-19 employees 67,000
20-49 employees 28,000
Medium establishments: 72,000
50-249 employees 55,000
250-499 employees 17,000
Large establishments: -83,000
500+ employees -83,000
Interesting that small firms created the most jobs.
Pay growth slowed again in September Job stayers saw a 5.9% year-over-year pay increase in September, marking the 12th straight month of slowing growth.
Pay gains also shrank for job changers, to 9%, down from 9.7% in August.
Median Change in Annual Pay (ADP matched person sample)
Median Change in Annual Pay for Job-Stayers by Industry Sector
Natural resources/mining 5.5%
Financial activities 6.2%
Professional/business services 5.8%
Education/health services 6.4%
Other services 5.9%
Median Change in Annual Pay for Job-Stayers by Firm Size
1-19 employees 5.0%
20-49 employees 5.9%
50-249 employees 6.1%
250-499 employees 6.0%
500+ employees 6.0%
The October 2023 ADP National Employment Report will be released at 8:15 a.m. ET on November 1, 2023.
Job Openings and Labor Turnover – August 2023
October 3, 2023
The number of job openings increased to 9,600,000 on the last business day of August, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 5,900,000 million and 5,700,000, respectively. Within separations, quits (3,600,000) and layoffs and discharges (1,700,000) changed little. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class.
On the last business day of August, the number and rate of job openings increased to 9,600,000 (+690,000) and 5.8%, respectively. Over the month, job openings increased in professional and business services (+509,000), finance and insurance (+96,000), state and local government education (+76,000), nondurable goods manufacturing (+59,000), and federal government (+31,000).
In August, the number of hires changed little at 5,900,000 and the rate was unchanged at 3.7%. The number of hires changed little in all industries.
Total separations include quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. The quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations include separations due to retirement, death, disability, and transfers to other locations of the same firm.
The number of total separations in August was little changed at 5,700,000, and the rate was unchanged at 3.6%. Over the month, the number of total separations increased in accommodation and food services (+105,000) but decreased in information (-41,000) and federal government (-8,000).
In August, the number of quits changed little at 3,600,000 and the rate was unchanged at 2.3%. The number of quits increased in accommodation and food services (+88,000); finance and insurance (+28,000); state and local government, excluding education (+21,000); and arts, entertainment, and recreation (+18,000). The number of quits decreased in information (-30,000).
In August, the number of layoffs and discharges changed little at 1,700,000, and the rate held at 1.1%. The number of layoffs and discharges decreased in state and local government, excluding education (-39,000), but increased in state and local government education (+27,000).
The number of other separations was little changed in August at 357,000.
Establishment Size Class
In August, the layoffs, and discharges rate for establishments with 1 to 9 employees decreased. Job openings, hires, and total separations rates were little changed for establishments with 5,000 or more employees.
The Job Openings and Labor Turnover Survey estimates for September 2023 are scheduled to be released on Wednesday, November 1, 2023, at 10:00 a.m. (ET).
The Conference Board−Lightcast Help Wanted OnLine® (HWOL) Index fell in August to 145.4 (July 2018=100), down from a downwardly revised 148.6 in July. The 2.2 percent decrease between August and July follows a 3.7% decrease between July and June. Overall, the Index is down 6.6% from one year ago.
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Joseph Michaels International Recruiters
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