Hiring Has Expanded Beyond Healthcare, Richardson Says

• Hiring has broadened across eight out of ten major sectors, including manufacturing, for the first time in years.
• Wage growth is not tight, with job changer pay growth down slightly to 6.5% and not indicating a wage-price spiral.
• A significant portion (42%) of new jobs are part-time, and smaller firms are creating over half of the new jobs, both contributing to lower pay growth.
• The increase in multiple job holding, including gig work, is common and growing, particularly among older workers, driven by affordability concerns.

ADP Chief Economist Nela Richardson discusses the latest payroll data, noting a broadening of hiring beyond healthcare across most sectors and firm sizes. However, she highlights that wage growth is not tight, with a shift towards lower-paying, part-time, and multiple jobs, leading to a weaker wage dynamic compared to pre-pandemic levels.