Private sector job growth falls short of expectations in November: ADP

Private sector job growth in the US cooled more than expected in November, with companies adding 103,000 jobs, below economists' predictions. This slowdown in hiring is seen as a sign of a softening labor market, potentially influenced by higher interest rates. The ADP National Employment Report also revealed a continued slowdown in wage growth, with annual pay rising at the lowest level since September 2021. While some sectors, such as trade, transportation, and utilities, saw job gains, others, including manufacturing and leisure and hospitality, experienced losses. The data from ADP precedes the release of the more closely watched November jobs report from the Labor Department.