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Private Sector Job Growth Slows to 146,000 in November, Falling Short of Projections

The ADP report highlights a cooling labor market with mixed industry performance and tempered wage increases.

  • The U.S. private sector added 146,000 jobs in November, below economists' expectations of 150,000 and down from October's revised total of 184,000.
  • Wage growth for workers staying in their jobs rose to 4.8% year-over-year, marking the first increase in over two years, while pay growth for job switchers slowed to 7.2%.
  • Manufacturing, financial services, and leisure and hospitality sectors showed weaker performance compared to other industries in November.
  • The ADP report precedes Friday's Labor Department release of the November nonfarm payrolls report, which is expected to show a hiring increase of 202,000 and an unemployment rate of 4.2%.
  • Market indicators, including stock futures and Treasury yields, reflected cautious optimism following the report, with a 74% probability of a December Federal Reserve rate cut projected by CME Group's FedWatch tool.
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