US ADP report showed only 179k growth in private sector jobs in November, down from 225k and missed expectation of 200k.
In the release, Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, noted that “although the labor market performed well, job growth decelerated slightly”. Also, “Midsized businesses added nearly 70 percent of all jobs this month. This growth points to the midsized businesses’ ability to provide stronger wages and benefits. It also suggests they could be more insulated from the global challenges large enterprises face.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is strong, but has likely peaked. This month’s report is free of significant weather effects and suggests slowing underlying job creation. With very tight labor markets, and record unfilled positions, businesses will have an increasingly tough time adding to payrolls.”