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ADP National Employment Report: Private Sector Employment Increased by 183,000 Jobs in January; Annual Pay was Up 4.7%

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ROSELAND, N.J., Feb. 5, 2025 /PRNewswire/ — Private sector employment increased by 183,000 jobs in January and annual pay was up 4.7 percent year-over-year, according to the January ADP® National Employment Report™ produced by ADP Research in collaboration with the Stanford Digital Economy Lab (“Stanford Lab“). The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25 million U.S. employees.

The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data to provide a representative picture of the private-sector labor market. The report details the current month’s total private employment change, and weekly job data from the previous month. Because the underlying ADP payroll databases are continuously updated, the report provides a high-frequency, near real-time measure of U.S. employment. This measure reflects the number of employees on ADP client payrolls (Payroll Employment) to provide a richer understanding of the labor market. Beginning January 2025, ADP’s Pay Insights measure captures nearly 14.8 million individual pay change observations each month, up from nearly 10 million when it launched.

“We had a strong start to 2025 but it masked a dichotomy in the labor market,” said Nela Richardson, chief economist, ADP. “Consumer-facing industries drove hiring, while job growth was weaker in business services and production.”

January 2025 Report Highlights*

View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.

JOBS REPORT

Private employers added 183,000 jobs in January
Hiring momentum in the last quarter of 2024 carried into January with some exceptions, including manufacturing.

Change in U.S. Private Employment:     183,000

 

Change by Industry Sector

-Goods-producing:   -6,000

Natural resources/mining    4,000
Construction     3,000
Manufacturing     -13,000

 

-Service-providing:     190,000

Trade/transportation/utilities     56,000
Information     18,000
Financial activities     13,000
Professional/business services     14,000
Education/health services     20,000
Leisure/hospitality     54,000
Other services     15,000

 

Change by U.S. Regions

-Northeast:     22,000

New England     5,000
Middle Atlantic   17,000

 

-Midwest:     64,000

East North Central     61,000
West North Central     3,000

 

-South:     50,000

South Atlantic     59,000
East South Central     10,000
West South Central     -19,000

 

-West:     70,000

Mountain     16,000
Pacific     54,000

 

Change by Establishment Size

-Small establishments:     39,000

1-19 employees     23,000
20-49 employees     16,000

 

-Medium establishments:     92,000

50-249 employees     53,000
250-499 employees     39,000

 

-Large establishments:     69,000

500+ employees     69,000

 

Pay Insights
Pay gains were stable in January

Year-over-year pay growth for job-stayers was 4.7 percent. Pay growth for job-changers was 6.8 percent. Beginning this month, Pay Insights incorporates a larger sample size.

Median Change in Annual Pay (ADP matched person sample)

-Job-Stayers     4.7%

-Job-Changers     6.8%

 

Median Change in Annual Pay for Job-Stayers by Industry Sector

-Goods-producing:                                                      

Natural resources/mining     4.3%
Construction     5.0%
Manufacturing     4.9%

 

-Service-providing:                                              

Trade/transportation/utilities     4.3%
Information     4.3%
Financial activities     5.0%
Professional/business services     4.6%
Education/health services     5.0%
Leisure/hospitality     4.8%
Other services     4.6%

 

Median Change in Annual Pay for Job-Stayers by Firm Size

-Small firms:                                                                

1-19 employees     2.9%
20-49 employees     4.5%

 

-Medium firms:                                                            

50-249 employees     5.0%
250-499 employees     5.1%

 

-Large firms:                                                                

500+ employees     5.0%

 

Pay gains were stable in January
Year-over-year pay growth for job-stayers was 4.7 percent. Pay growth for job-changers was 6.8 percent. Beginning this month, Pay Insights incorporates a larger sample size.

Median Change in Annual Pay (ADP matched person sample)

Job-Stayers     4.7%
Job-Changers     6.8%

 

Median Change in Annual Pay for Job-Stayers by Industry Sector

Goods-producing:         
     – Natural resources/mining     4.3%
     – Construction     5.0%
     – Manufacturing     4.9%

 

Service-providing:                             
     – Trade/transportation/utilities     4.3%
     – Information     4.3%
     – Financial activities     5.0%
     – Professional/business services     4.6%
     – Education/health services     5.0%
     – Leisure/hospitality     4.8%
     – Other services     4.6%

 

Median Change in Annual Pay for Job-Stayers by Firm Size

Small firms:           
     – 1-19 employees     2.9%
     – 20-49 employees     4.5%

 

Medium firms:   
     – 50-249 employees     5.0%
     – 250-499 employees     5.1%

 

Large firms:
     – 500+ employees     5.0%

To see Pay Insights by U.S. State, Gender, and Age for Job-Stayers, visit here:

* Sum of components may not equal total due to rounding.

The December total number of jobs added was revised from 122,000 to 176,000. The historical data file and weekly data for the previous month are available at https://adpemploymentreport.com/.

The January 2025 report reflects the scheduled annual revision of the ADP National Employment Report. The data series has been reweighted to match annual Quarterly Census of Employment and Wages (QCEW) benchmark data through March 2024. In addition, this revision encompasses an improved labeling model, including updated geographical and industry classifications.

The 2025 mid-year preliminary benchmark will be moved from August to September.

To subscribe to monthly email alerts or obtain additional information about the ADP National Employment Report, including employment and pay data, interactive charts, methodology, and a calendar of release dates, please visit https://adpemploymentreport.com/.    

The February 2025 ADP National Employment Report will be released at 8:15 a.m. ET on March 5, 2025.

ADP Pay Insights Methodology Enhancements
ADP Pay Insights uses employer payroll data to track the wages and salaries of individual workers and computes year-over-year changes in pay. Beginning in January 2025, the Pay Insights base data set will include nearly 22.3 million workers, up from about 14 million.

This expanded sample size is the result of improved industry code matching and an enhanced imputational model.

From this larger sample, Pay Insights can make more than 14.8 million pay-change observations each month, up from nearly 10 million when it launched. Included in this sample are job-stayers and job-changers.

The monthly sample of job-stayers – those unique worker-employer pairings observed in both the current month and the 12 months earlier – has grown from more than 7.7 million to more than 13.8 million.

The sample of job-changers – those individuals whose current job is different than the one they held 12 months earlier – has grown from approximately 310,000 to more than 1 million.

With this change, the Pay Insights time series also has expanded to begin in December 2018, from October 2019. Because the methodology requires two years of observation to compute pay growth, the series will be reported from November 2020.

About the ADP® National Employment Report™

The ADP National Employment Report is an independent measure of the change in U.S. private employment and pay derived from actual, anonymized payroll data of client companies served by ADP, a leading provider of human capital management solutions. The report is produced by ADP Research in collaboration with the Stanford Digital Economy Lab.

The ADP National Employment Report is broadly distributed to the public each month, free of charge, as part of the company’s commitment to offering deeper insights of the U.S. labor market and providing businesses and governments with a source of credible and valuable information.

About the ADP Research
The mission of ADP Research is to make the future of work more productive through data-driven discovery. Companies, workers, and policymakers rely on our finely tuned data and unique perspective to make informed decisions that impact workplaces around the world.

About ADP (NASDAQ – ADP)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential.  HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people.   Learn more at ADP.com

ADP, the ADP logo, and Always Designing for People, ADP National Employment Report, ADP Research Institute and ADP Research are trademarks of ADP, Inc. All other marks are the property of their respective owners.

Copyright © 2025 ADP, Inc. All rights reserved.

ADP-Media

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SOURCE ADP

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Finastra simplifies trade finance with AI-powered assistant using Microsoft Azure OpenAI Service

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Assist.AI boosts efficiencies and bridges the knowledge gap in trade finance, enabling banks to focus on strategic projects

LONDON, Feb. 10, 2025 /PRNewswire/ — Finastra today announced the launch of Assist.AI, an AI-powered assistant designed to enhance the trade finance operations within its Trade Innovation solution. The tool, built on architecture powered by Microsoft Azure OpenAI Service, bridges the knowledge gap in the trade finance industry, providing users with instant, accurate, and context-aware assistance.

The trade finance industry faces significant challenges, including a diminishing knowledge base and a widening disparity between seasoned professionals and new entrants. Assist.AI addresses these issues by offering prompt-based assistance, allowing users to interact with the tool by entering specific questions related to trade processes. This ensures that users receive precise answers sourced from relevant resources without the need to sift through extensive documentation.

Assist.AI offers Trade Innovation users the following benefits:

Enhanced user support: Provides instant, accurate, and context-aware assistance, significantly improving the user experience.24/7 availability and efficiency: Ensures users can access support anytime, boosting efficiency by automating routine inquiries and freeing up valuable time for more strategic tasks.Continuous improvement and adaptability: The solution learns and adapts based on interactions, ensuring ongoing relevance and continuous improvement in responses.

“This timely and much needed solution represents a significant leap forward in our commitment to advancing Open Finance and leveraging AI technology to solve real-world challenges in financial services. By providing instant assistance to bank employees, we are empowering our clients to navigate the complexities of trade finance with greater ease and efficiency,” said Andrew Bateman, EVP Lending at Finastra.

Finastra identified a significant talent gap in the trade finance industry through interactions with various clients. As experienced staff retire or transition to other careers, banks need to invest in training new staff on the latest developments in trade finance and the use of Trade Innovation. Assist.AI uses Microsoft Copilot technology to facilitate this training and support, making it a timely and essential addition to the industry.

“We are pleased to work with Finastra to make trade finance simpler and more efficient for banks worldwide. Using the robust capabilities of Microsoft Azure, this solution exemplifies the power of AI in enhancing operational efficiency and user experience,” said Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft.  “This collaboration not only showcases our shared vision for the future of financial technology, but also strengthens the long-standing relationship between Microsoft and Finastra. Together, we are committed to driving innovation and empowering businesses to achieve more through cutting-edge technology.”

Assist.AI is a global solution, available to users of Finastra Trade Innovation worldwide. To learn more, visit Finastra’s website.

finastra.com

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

Logo: https://mma.prnewswire.com/media/2615478/FINASTRA_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/finastra-simplifies-trade-finance-with-ai-powered-assistant-using-microsoft-azure-openai-service-302371441.html

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RedotPay Partners with StraitsX and Visa to Revolutionise Digital Spending

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RedotPay is excited to announce its collaboration with Visa and StraitsX to launch a groundbreaking card programme in Singapore. This initiative aims to redefine how users interact with their digital assets in everyday transactions by combining RedotPay’s innovative technology with Visa’s extensive global payment network.

SINGAPORE, Feb. 10, 2025 /PRNewswire-PRWeb/ —

Partnership to Facilitate Launch of Crypto Credit Card for Seamless Transactions

Singapore, 10 February 2025 RedotPay, a leading provider of crypto payment solutions, is excited to announce its collaboration with Visa and StraitsX to launch a groundbreaking card programme in Singapore. This initiative aims to redefine how users interact with their digital assets in everyday transactions by combining RedotPay’s innovative technology with Visa’s extensive global payment network. The collaboration is made possible through the essential support of StraitsX as the BIN sponsor for the card programme.

Seamless Transactions

The new card programme will empower users to spend their cryptocurrencies effortlessly across millions of Visa-accepting merchants worldwide. With this innovative solution, users can utilise their cryptocurrencies directly, thanks to RedotPay’s proprietary real-time conversion technology. This feature bridges the gap between digital assets and traditional commerce, making crypto spending as seamless as using a conventional debit or credit card.

Compliance and Security

RedotPay is committed to providing users with a secure and trustworthy platform for their transactions. The partnership emphasises robust security measures to protect user data and funds, fostering confidence in the use of cryptocurrencies for everyday purchases.

Enhancing User Experience

“We are thrilled to partner with Visa and StraitsX to bring this innovative card program to Singapore,” said Michael, CEO of RedotPay. “This collaboration marks a significant step forward in our mission to make crypto payments accessible and user-friendly, promoting the mass adoption of cryptocurrencies in payment systems. Our users will enjoy the flexibility of spending their digital assets just like traditional currency.”

Jason Tay, Head of Commercial at StraitsX said, “We are excited to support RedotPay in launching this innovative card program in Singapore. This partnership is a game changer for everyday retail use cases, enabling users to easily leverage their digital assets for daily transactions. As the BIN sponsor, StraitsX is dedicated to powering this initiative, which will transform how consumers interact with cryptocurrencies in the retail space. By combining our technology with Visa’s vast network, we are making it easier than ever for users to seamlessly integrate digital assets into their everyday spending.”

“Based on a Visa study, close to six in 10 consumers in Singapore are aware of cryptocurrencies. In fact, over 35 per cent of cryptocurrency owners in Singapore use cryptocurrencies for retail purchases.[1] We are happy to support our partners who are helping more cryptocurrency users have a more seamless payment experience and access to digital payments leveraging on their Visa cards for face-to-face or online transactions. Visa is committed towards promoting innovation with our valued partners and this initiative with RedotPay and StraitsX aligns with our vision to become the best way to pay and be paid,” said Adeline Kim, Visa Country Manager for Singapore & Brunei.

Looking Ahead

The RedotPay card program is set to soft launch later this year, featuring a user-friendly interface designed for both convenience and security. Users will have the ability to manage their crypto assets easily, making everyday spending as simple as swiping a card.

About RedotPay

RedotPay is a leading crypto payment company, headquartered in Hong Kong, eligible to operate across various Asian, European and other jurisdictions. Their mission is to enable crypto adoption as a medium of exchange, increase payment efficiency with blockchain, and promote financial inclusion for the unbanked. Through intuitive interfaces and proprietary blockchain technology, RedotPay simplifies crypto transactions while prioritizing enterprise-grade security. The platform enables seamless integration of digital assets into everyday spending, ensuring accessibility and trust for both businesses and individuals.

For media inquiries, please contact: Press@RedotPay.com

About StraitsX

StraitsX is Southeast Asia’s leading digital payment infrastructure provider and a licensed Major Payment Institution regulated by the Monetary Authority of Singapore. Leveraging blockchain technology within a secure, regulated environment, StraitsX empowers businesses and individuals with innovative tools for managing funds, integrating digital assets, and enabling seamless cross-border transactions. Through partnerships with global financial institutions, businesses, and developers, StraitsX is driving the future of digital payments and financial connectivity.

1 Visa Green Shoots Radar: Study conducted across Asia Pacific markets, including 500 Singapore respondents in June 2023.

Media Contact

Jackee T. T. WONG, RedotPay, 1 85221290009, press@redotpay.com, https://www.redotpay.com/

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SOURCE RedotPay

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KBC Group renews collaboration with Cognizant to improve IT services and customer experience

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KBC Group and Cognizant celebrate over a decade of collaboration with a renewed agreement until 2027. Cognizant will provide various IT services, focusing on quality and cost-effectiveness.

BRUSSELS, Feb. 10, 2025 /PRNewswire/ — Cognizant (Nasdaq: CTSH) today announced the renewal of its relationship with KBC Group, a leading Belgian universal multi-channel bank-insurer.

This renewal of the agreement will extend until 2027, positioning Cognizant as KBC Group’s partner in supporting its IT and business transformation across the entire spectrum of IT services, including application development & maintenance, data services, infrastructure, and quality engineering.

“We are pleased to renew our agreement with Cognizant, as it supports our goals of creating superior customer experience, supporting innovation, and maintaining operational excellence,” said Isabel Van Mele, Chief Information Officer of KBC Bank & Insurance. “Cognizant’s ability to provide various IT services, focusing on quality, stability, and cost-effectiveness, makes it an important partner for KBC. We look forward to continuing our collaboration to achieve our organizational objectives.”

Cognizant and KBC Group have enjoyed a long-standing relationship for over 11 years, built on mutual trust, respect, and a proven track record. This agreement has been characterized by a collaborative spirit, seeking win-win solutions for both parties. The renewal of the relationship underscores the commitment of both organizations to continue bringing execution focus, innovative solutions and thought leadership to KBC Group. Cognizant’s existing team and service offerings are expected to enhance quality, ensure operational stability, foster innovation, and optimize cost-effectiveness for KBC Group.

“We are honored to extend our partnership with KBC Group,” said Geert Lejon, Country Manager, Belgium & Luxembourg at Cognizant. “Our extensive experience in delivering a wide range of IT services has been crucial in helping KBC achieve its objectives over the past eleven years. Our team is excited to continue this work and further enhance our collaboration.”

About Cognizant

Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.

About KBC Group

KBC is one of the leading financial groups in Europe. It is a multi-channel bank-insurance group with a geographic focus on Europe, catering mainly to retail clients, SMEs and local midcaps. The group occupies significant, and in many cases leading positions in its core markets of Belgium, Czech Republic, Bulgaria, Hungary and Slovakia. The KBC group has also selectively established a presence in a number of other countries and regions around the world.

KBC Group employs around 41000 staff and caters for about 13 million clients in its core markets. KBC Group NV is listed on Euronext Brussels (ticker symbol ‘KBC’).

For more information, contact: GlobalCommunications@cognizant.com 

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SOURCE Cognizant Technology Solutions

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