ADP National Employment Report as of September 2023

The percentage changes from previous year for the ADP National Employment Report  

• Layoffs and Discharges: Total Private: 3.58%
• Job Openings: Professional and Business Services: 3.41%
• Layoffs and Discharges: Total Nonfarm: 3.26%
• Other Separations: Total Nonfarm: -4.80%
• Job Openings: Total Nonfarm: -5.77%
• Job Openings: Total Private: -6.77%
• Total Separations: Total Nonfarm: -9.09%
• Hires: Total Nonfarm: -9.59%
• Quits: Total Nonfarm: -14.24%
• Quits: Total Private: -16.13%
• Job Openings: Leisure and Hospitality: -16.23%
• Job Openings: Manufacturing: -25.96%

The decline in job openings in leisure and hospitality and manufacturing is particularly concerning, as it suggests that these industries may be starting to slow down. The decline in job openings in these industries is likely due to a number of factors, including inflation, the rising cost of living, the global supply chain crisis, and the war in Ukraine.

The increase in quits is also a mixed bag. It suggests that workers are feeling confident about their ability to find new jobs, but it also suggests that employers may be having difficulty retaining employees. The increase in quits is likely due to a number of factors, including the strong demand for workers and the rising cost of living.

It is important to note that the ADP National Employment Report is just one data point. It is important to consider other data points, such as the unemployment rate and the nonfarm payrolls report, to get a more complete picture of the labor market.

Here is a more detailed analysis of the data:

• Layoffs and discharges: The decline in layoffs and discharges is a positive sign, as it suggests that employers are becoming more confident in the economy. However, it is important to note that the decline in layoffs and discharges is still relatively modest.
• Job openings: The decline in job openings is a concerning sign, as it suggests that employers are becoming more cautious about hiring. The decline in job openings is particularly concerning in the leisure and hospitality and manufacturing industries, as these industries are important drivers of economic growth.
• Total separations: The decline in total separations is a positive sign, as it suggests that workers are becoming less likely to leave their jobs. The decline in total separations is likely due to a number of factors, including the strong demand for workers and the rising cost of living.
• Hires: The decline in hires is a concerning sign, as it suggests that employers are becoming more cautious about hiring. The decline in hires is likely due to a number of factors, including the global supply chain crisis and the war in Ukraine.
• Quits: The increase in quits is a mixed bag. It suggests that workers are feeling confident about their ability to find new jobs, but it also suggests that employers may be having difficulty retaining employees. The increase in quits is likely due to a number of factors, including the strong demand for workers and the rising cost of living.