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ADP indicates private sector added 164,000 jobs in December, higher than 101,000 in November and better than the 130,000 estimate.
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Annual wage growth decelerated to 5.4% from 5.6% in November.
“We’re returning to a labor market that’s very much aligned with pre-pandemic hiring. While wages didn’t drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared,”"said Nela Richardson, chief economist, ADP.
