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What’s going on:Â Â Â Â
In March, the private sector added an impressive 145,000 jobs, while annual pay rose 6.9% year-over-year, as noted in the March ADP National Employment Report. Â
However, pay growth has slowed for those who stay in their jobs and those who switch, with pay gains for job stayers falling from 7.2% in February to 6.9%, and pay growth for job changers declining from 14.4% to 14.2%.Â
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Why it matters:Â Â
Employers are beginning to rein in their hiring and wage increases after a steady three-month plateau, indicating that the economy is starting to slow — with the March payroll data being one of many tell-tale signs.Â
How it’ll impact the future:Â Â
The job market is slowly restoring equilibrium as consumer demand decreases and borrowing costs increase.Â
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Source:
PR Newswire
