Economist at adp. good morning, nice to see you. good morning. nice to see you. so i noticed yesterday your adp national employment report was strong, it showed private sector employment up 287,000 jobs in may. it also showed pay growth for job changers might be slowing down a little bit. what does it mean big picture? big picture we re seeing a continuation of three patterns. one, the labor market is incredibly strong, it is fragmented. manufacturing actually shed jobs in our private sector report. leisure and hospitality again a big gainer. two, that this strength is really driven by small firms, large firms seem to be pulling back on their hiring. and, three, we re finally seeing pay growth decelerate meaningfully after moving sideways for several months over the winter. so an incredibly complex labor market right now. so we know that more than 250,000 jobs were added in
Expectations covering their expectations for inflation, job prospects and other things as you mentioned. and the first survey released today shows, drum roll, please, more people appear confident about their job prospects. more of them say they re willing to quit their current job to look for a new one. in december about 22% of those surveyed expected to leave a job voluntarily, up from about 19% in june but other people are more worried about losing their job. nearly 17% in december versus about 15% in june. still, the survey found about half of all the job changers said they felt they could find a new job within three months. on borrowing money, the survey reports more consumers were more optimistic at the end of the year about their ability to borrow and of those who have, the survey found that fewer people were worried about being able to make their minimum debt payments. about 15% in december compared to 17% in september but both of