ADP, the company behind the private non-farm payroll report, is releasing a new quarterly report about the vitality of the US job market.
For the third quarter, the picture looks quite bright, as this infographic shows. Growth is clear to see in all regions, with the South and the West leading forward. Wage growth was 0.76% q/q for those staying in the same job, and 5.32% for those switching jobs. The data look significantly better than the official numbers. Is wage inflation just around the corner? Will rate hikes come sooner than later?
ADP Workforce Vitality Index Q3 2014 – Click to enlarge
Another interesting quote from the report:
At the national level, the hourly wage of job holders in the lowest wage tier (below $20K) grew the slowest in the third quarter 2014, while the higher wage tier ($20K to $50K) grew the fastest. Employment growth and Hours Worked are strongest in the lowest wage tier, contributing to the fastest Index growth among all wage tiers in the third quarter.
Thanks to Ryan from Forex Live for bringing this to attention.
