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Experts Predict Job Growth May Start Slowing Down

What goes up, must come down, right? At least that’s what some experts think when it comes to private-sector employment in 2019. While job growth has remained consistent in the first part of the year, some experts are predicting that we’ve reached our peak.
The latest ADP National Employment Report® shows that private sector employment increased by 183,000 jobs from January to February, however, we may start to see a decline.
“We saw a modest slowdown in job growth this month,” says Ahu Yildirmaz, Vice President and Cohead of the ADP Research Institute. “Midsized companies have been the strongest performer for the past year. There was a sharp decline in small business growth as these firms continue to struggle with offering competitive wages and benefits.”
Mark Zandi, Chief Eeconomist of Moody’s Analytics, adds, “The economy has throttled back and so too has job growth. The job slowdown is clearest in the retail and travel industries, and at smaller companies. Job gains are still strong, but they have likely seen their high watermark for this expansion.”
However, if you’re an employer who doesn’t see any signs of slowing down your hiring intentions, Rebecca Henderson, CEO of Randstad Sourceright, offers this advice for both private sector and government employers:
“Government initiatives that boost workforce development and expand apprenticeships programs are critical to keeping U.S. workers competitive in the global economy. The private sector also needs to prioritize training and upskilling the workers they have instead of hoping to fill skills gaps from outside in this already tight labor market.”
The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. The infographic below highlights more findings from the report. To learn more, click here.
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