MarketWatch
The numbers: Private payrolls rose by 127,000 in November, according to the payroll services firm ADP on Wednesday. It is the slowest pace of growth since January 2021.
Economists polled by The Wall Street Journal had forecast a gain of 190,000 private sector jobs.
Key details: Leisure and hospitality firms added 224,000 workers in November, ADP said. Meanwhile, goods producers shed 86,000 jobs. Manufacturing lost 100,000 jobs.
By company size, large businesses shed 68,000 private-sector jobs in November while small businesses reduced their workforce by 51,000. Medium-sized businesses, defined as firms with 50 to 499 employees, added 246,000 jobs.
Annual pay is trending up 7.6% from a year ago for “job-stayers,” ADP said,
Those changing jobs say a median change in annual pay of 15.1%,
Big picture: The labor market expansion may be slowing, but unemployment is still low.
Economists expect government data due Friday to show the labor market, including the public sector, added a net 200,000 jobs in November, down from 261,000 in the prior month.
