Economic Buzz: US Private Sector Job Growth Below Estimated Level

1 Dec 2022 , 08:38 AM

Private sector job growth in the U.S. fell well short of economist estimates in the month of November, payroll processor ADP revealed in a report. ADP said private sector employment increased by 127,000 jobs in November after surging by an unrevised 239,000 jobs in October. ADP said job creation slowed by the most since January 2021, led by construction and other interest rate-sensitive sectors. The report showed employment in the construction sector edged down by 2,000 jobs, while employment in the manufacturing sector plunged by 100,000 jobs. Employment in the professional and business services, financial activities and information sectors also decreased compared to the previous month. Meanwhile, ADP said consumer-facing segments were bright spots, with employment in the leisure and hospitality sector surging by 224,000 jobs. The report also showed employment at large and small businesses fell by 68,000 jobs and 51,000 jobs, respectively, partly offsetting a 246,000 job surge in employment at mid-sized businesses.Powered by Commodity Insights