According to the ADP National Employment Report published this Thursday, he pointed out that hiring in the private sector for the month of March increased more than expectedwhich shows that the labor market remains solid despite the constant increases in interest rates to control inflation.
Private companies added 278,000 jobs last month, far exceeding economists’ projections, according to the analysis. which pointed to an increase of only 170,000 jobs; however, the figure is below the 291,000 registered in April.
The Federal Reserve had already anticipated a high unemployment rate in the country, as a result of rising interest rates and higher borrowing costs, which has forced many companies to reduce spending through large waves of layoffs.
However, the Bureau of Labor Statistics published this Wednesday data on the increase in job offers in the United States for the month of April, which stood at 10.1 million compared to 9.745 million in March.
However, specialists have pointed to an important factor, the annual salary. For the month of May there was a 6.5% increase compared to the 6.7% in April. Although, the report, on the other hand, presented that for those Americans who changed jobs saw a 12.1% pay increase.
Nela Richardson, chief economist at ADP, expressed that “this is the second month that we have seen a decline of a full percentage point in wage growth for job changers,” she said, while noting that “wage growth is slowing substantiallyand wage-driven inflation may be less of a concern for the economy despite strong hiring,” he said.
The sector where added more employees was leisure and hospitality that added 208,000 new workers, followed by natural resources and mining with about 94,000. In this sense, the medium and small companies incorporated 140,000 and 235,000 workers respectively.
Source: La Opinion