ADP report shows wage growth slowing to the lowest level in more than a year
The ADP Research Institute report showed that the US private sector added 145,000 jobs last March, once morest expectations of adding 200,000 jobs, following a revised increase of 261,000 in February.
According to the report, the entertainment, hospitality, trade and transportation sectors witnessed the largest increase in employment, while manufacturing, financial activities and professional services companies reduced their jobs.
Employees saw a 6.9% increase in wages in March compared to a year ago, the lowest wage increase in more than a year.
The average annual wage increase for those who changed jobs fell to 14.2%, the lowest level since January 2022.
Government data released tomorrow is expected to show the addition of regarding a quarter of a million jobs outside the agricultural sector last month, with the unemployment rate remaining at a historically low level.
