ADP’s Wednesday report said private payrolls growth was weaker than expected in November, reflecting a slowdown in the labor market.
Businesses added 146,000 jobs in the month, lower than the downwardly revised 184,000 in October and also lower than the Dow Jones forecast of 163,000.
Education and health services led job creation, adding 50,000 jobs per month. This was followed by 30,000 new jobs in construction, 28,000 jobs in trade, transportation and utilities, and 20,000 jobs in other services.
Manufacturing lost 26,000 positions in the same month. Companies with fewer than 50 employees also reported a decrease of 17,000 employees.
Wage growth accelerated by 4.8%, faster than in October for the first time in 25 months.
“While overall growth was strong for the month, industry performance was mixed,” said Nella Richardson, chief economist at ADP. “Manufacturing was the weakest since spring. Financial services and leisure and hospitality were also weak.”
Despite the lower-than-expected total and a downward revision in October, the ADP tally is still below the more closely monitored Bureau of Labor Statistics nonfarm payrolls count (which saw only a slight increase in payrolls in October). (12,000 people).
The BLS report, scheduled to be released Friday, projects an increase of 214,000 people, according to Dow Jones. boeing Strikes and storms in the Southeast lowered October totals.
Correction: Wage growth accelerated by 4.8%, faster than in October for the first time in 25 months. Previous versions listed the number of months incorrectly. This article has been updated to correct the name of the Bureau of Labor Statistics.
