ADP® National Employment Report: July 2024
With wage growth abating, the labor market is playing along with the Federal Reserve’s effort to slow inflation. If inflation goes back up, it won’t be because of labor.
Nela Richardson
Chief Economist, ADP
Change by Establishment Size
Small 1-19employees up 15,000
20-49 employees down 22,000
Mid-sized 50-249 employees up 55,000
250-499 employees up 15,000
Large 500+employees up 62,000
Change by Industry Goods
Natural resources and mining up 2,000
Construction up39,000
Manufacturing down 4,000
Services
Trade, transportation, and utilities
up 61,000
Information down 18,000
Financial activities up 14,000
Professional and business services down 37,000
Education and health services up 22,000
Leisure and hospitality up24,000
Other services up19,000
