Private payrolls slow in November: what does this mean for markets?
According to ADP’s latest report, the US labor market showed signs of cooling in November as private payrolls rose by just 146,000. This figure fell short of the Dow Jones forecast of 163,000 and marked a slowdown from October’s downwardly revised 184,000. The slowdown points to mixed performance across industries, suggesting that the resilience of the labor market is being tested.
Which sectors led or lagged behind?
Education and healthcare drove the growth, adding 50,000 jobs, followed by construction (+30,000), trade, transportation and utilities (+28,000) and other services (+20,000). However, the manufacturing sector was a weak spot, losing 26,000 jobs – the sharpest decline since the spring. Small businesses (fewer than 50 employees) also struggled, reporting a net loss of 17,000 jobs.