US November ADP Employment Falls by 32,000, Missing Forecasts
According to ADP, US private sector employment in November fell by the most since March 2023, with small businesses suffering the largest losses ahead of the Fed’s December rate decision.
Summary
ADP reported a 32,000 decline in US private sector jobs in November, contrasting sharply with October’s revised gain of 47,000 and missing forecasts for a 10,000 increase. Small businesses were hardest hit, while job losses spanned multiple industries. The weaker labor market data precedes the Federal Reserve’s December interest rate decision.
Terms & Concepts
- ADP employment report: A monthly report by ADP (Automatic Data Processing Inc.) estimating private sector payroll changes in the United States.