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U.S. private employers add 103,000 jobs in November - ADP

Published Dec 06, 2023 08:18AM ET Updated Dec 06, 2023 08:32AM ET
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Investing.com -- U.S. private payrolls growth unexpectedly slowed in November, in a sign that the Federal Reserve's aggressive campaign of interest rate hikes could be impacting labor demand.

Private employers in the U.S. added 103,000 jobs last month, down from a revised mark of 106,000 in October, according to payroll processor ADP. Economists had forecast an increase of 130,000 jobs.

Both the goods and services sectors saw weakness, with the manufacturing and leisure and hospitality industries posting declines.

“Restaurants and hotels were the biggest job creators during the post-pandemic recovery,” said Nela Richardson, Chief Economist at ADP. “But that boost is behind us, and the return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024.”

Fed policymakers will likely be keeping a close eye on the slowdown in private hiring, which serves as a warm-up act to the headline economic data this week: the all-important non-farm payrolls report on Friday.

Tempering labor demand has been one of the main pillars of the U.S. central bank's unprecedented decision to lift interest rates to more than two-decade highs. Officials are hoping that a softening jobs picture may defuse some upward pressure on inflation.

On Tuesday, Labor Department data showed that job openings dipped to their lowest mark in over two years in October. The numbers suggested that there may be some easing in labor demand, a trend that could bolster the case for the Fed to possibly begin backing away from its tightening cycle.

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U.S. private employers add 103,000 jobs in November - ADP
 

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Comments (5)
Barry Nickerson
Subbuilder Dec 06, 2023 7:54PM ET
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Hospitality services aren't hiring anybody to clean because all the illegals are now being housed in the motels / hotels.
Axonius Axonius
Axonius Axonius Dec 06, 2023 8:58AM ET
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Pretty soon everyone will figure put that lower demand for workers is a sign of lowing economic growth.
Patrick Fuchs
Patrick Fuchs Dec 06, 2023 8:58AM ET
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Which lessens pressure on inputs and decreases inflation. That's the goal... Consumers have been spending to much and not saving.
Hunt Richardson
Hunt Richardson Dec 06, 2023 8:58AM ET
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the pros already know this. look at the chart of TLT since last month
Manfred Kruger
Manfred Kruger Dec 06, 2023 8:58AM ET
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Even the FED who are often wrong and slow will start to realize that we are in a recession after it becomes obvious to every one else
First Last
First Last Dec 06, 2023 8:58AM ET
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This is what a soft landing looks like
leehiung chong
leehiung chong Dec 06, 2023 8:58AM ET
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oil prices is down which reduces costs for everything.. lower inflation
Dudley Hiles
Dudley Hiles Dec 06, 2023 8:40AM ET
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The fed lowered interest rates too soon in the 80s. Powell is an old dog and certainly knows this.
lassen 2545
lassen 2545 Dec 06, 2023 8:31AM ET
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Fed is going to lower the interest rate soon
Jurgen Daub
Jurgen Daub Dec 06, 2023 8:31AM ET
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lets guess, end of first quarter 24
Tre Hsi
Tre Hsi Dec 06, 2023 8:31AM ET
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Jurgen Daub  this increase the possibility of Fed rate cut in Feb-24
soho electronics
soho electronics Dec 06, 2023 8:30AM ET
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let's go green. cause any news will make market go green
 
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