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Bloomberg

ADP: U.S. labor market is in stasis

Bloomberg · New
Bloomberg
Bloomberg
New

Nela Richardson, ADP chief economist and a Bloomberg contributor, reacts to the latest jobless claims numbers, saying the U.S. labor market is very concentrated and only hiring a very specific type of person.

BreakdownGenerated by LeadStory AI
  • Continuing jobless claims are about 5% higher than the previous year. 7s
  • Labor force participation is a full percentage point lower than before the pandemic. 17s
  • Most new jobs are concentrated in health care and education sectors. 1m 38s
  • Wage growth has increased from 0.4% pre-pandemic to 2.5% currently. 3m 29s
  • Younger workers now make up a larger share of the labor market, while workers aged 45 and older have declined by 2% over five years. 3m 1s
Employment