ADP Jobs Report January 2024: US Private Payrolls Rose Less Than Forecast

ADP MyTax offers a free, online tool that makes it simple to manage and stay compliant with your federal tax payments. Valuable insights are hidden in your people data. But, for the first time in a long time, it feels like the catcher position at least has enough quality hitters with upside to fill out a full league’s worth of lineups … But Rutschman isn’t the only reason things are looking up at catcher.

So, as they move through their day and they clock in through ADP’s mobile app, which by the way, we have 10 million users that are actively using our ADP mobile app, so as they’re engaging with ADP, are there opportunities for us to insert value there? Whether that’s things like EWA, it’s adpwor things like payments, it’s things like financial and wellness apps like the companion app we have through Wisely. These are all top of mind for us as we go through our strategic discussions and as we think about partnerships in the future for ADP. Appreciate all the detail this morning.

So, we do have a bit of incremental spend. It’s not a huge amount, but I know that lots of folks like to measure things in 10 bps. Not an incredible amount, but a little bit more than we had said in the prior quarter. And James, just to clarify, the pays per control, although it’s stabilizing, it’s not providing any sort of upside versus our prior forecast. It takes a quite a bit in terms of bookings to really drive a material change to the current year revenue, which you well understand. With pays per control still providing sequential, gradual drag, those two are sort of netting out to an inline outlook.

  1. The position looks to be in good shape, with 10 players ranking inside of the consensus top 150 for 2024.
  2. I’ll provide more color on our results for the quarter, as well as our updated fiscal 2024 outlook.
  3. The down market, definitely companies are continuing to hire and they’re continuing to buy.
  4. There’s also some interesting accounting, of course, around implementation and setup fees and the deferral over the terms of the contract.
  5. We should see bookings opportunities go up, et cetera.

Certainly, there’s some money there to be had, but it’s not that large a factor in the overall scheme of things. There’s also some interesting accounting, of course, around implementation and setup fees and the deferral over the terms of the contract. So, once again, it would take a lot of changes to do anything, make any changes to the bottom-line financials in the near term. During our call, we will reference non-GAAP financial measures, which we believe to be useful to investors and that exclude the impact of certain items. A description of these items, along with a reconciliation of non-GAAP measures to the most comparable GAAP measures, can be found in our earnings release. Today’s call will also contain forward-looking statements that refer to future events and involve some risk.

ADP appoints Thomas J. Lynch as the new Independent Board Chair

The middle class of the position is full of names like Nico Hoerner, Ha-Seong Kim, and Bryson Stott, who had excellent 2023 campaigns, but don’t really have a track record of supporting that level of production. Look, every star player had to start somewhere – Semien looked like a one-year wonder until he did it again, you know. But, just look at someone like Andres Gimenez, who was big-time breakout in 2022 only to come back to earth in 2023 (with his price dropping roughly 40 picks in ADP since last year) to see the risk of buying in on last year’s breakouts.

To give you a little bit of a line of sight, because it is the 31st of January, so we do actually have a tiny bit of visibility specifically to the down market. And you asked about trends into the third quarter. What I would offer to you is January looks good. I think we’re actually on track to onboard something close to like 30,000 units in that business alone in the month of January. And so, that’s the size of some companies, if you will. So, it’s pretty incredible to see the execution in the down market.

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Just a strategic question, obviously if you look over the next 12 to 18 months, interest rates are coming down. There is a big debate out there on the ability to offset some of those headwinds in terms of revenue. Can you talk about maybe some idiosyncratic initiatives that you could do to offset the headwind from declining interest rates? The trend in specifically professional services has stabilized. And so, I think Danny made the comment earlier, it’s no longer contributing to the deceleration. So, it used to – the professional services cohort used to contribute to the acceleration of pays per control, then we found ourselves where it was contributing to a deceleration, and it’s largely stabilized at this time.

Well, I mean, you also – so, no, I don’t think there’s a big opportunity there. We certainly have lots of folks who would like us to outsource our implementation because they think it’s a revenue stream for them. We like to have that control over the client from sale-through to go live in service. Not to say that we won’t work with third parties to help us from time to time, which we do. But it’s really not that large a factor.

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I think that’s really a macro question. I guess the macro answer to that would be that if interest rates start to decline, we’ll see an offsetting increase just in economic activity. And if we see that increase in economic activity, we should see revenue go up. We should see bookings opportunities go up, et cetera. So, I think that if interest rates come down – and there’s lots of debates, whether it’s two cuts or four cuts, et cetera, who knows, but if they do come down, we should certainly avoid the recession. Nobody’s asked about a recession on the call today, so thank you.

Fantasy baseball rankings 2024: Sleepers, breakouts

Instructions will be given at that time. Leisure and hospitality posted the biggest increase, with an addition of 28,000 workers, while trade, transportation and utilities added 23,000, and construction rose by 22,000. Services-providing companies were responsible for 77,000 jobs, with goods producers adding the rest.

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Of those super high-end options in the early rounds, Jose Altuve and Marcus Semien are both approaching their mid-30s, albeit with the kind of proven track record that makes it relatively easy to overlook their advanced ages. But still, there’s risk whenever you’re spending one of your most valuable picks on players at that age, because even a small dip in skills could really hold them back. And then I’m curious, the combination of HCM and payments functionality, has certainly been a theme.

The position looks to be in good shape, with 10 players ranking inside of the consensus top 150 for 2024. I feel very good about any one of my top 16 catchers as my No. 1 this year. If the older guys can keep outrunning Father Time and the young guys prove it wasn’t a fluke, second base will be a surprisingly deep position yet again. But there’s a lot of risk all over the position, to the point where, at least for me, it was a lot easier to come up with bust candidates than breakouts here. If my skepticism ends up misplaced, I might miss out on some excellent values for my teams.

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