US ADP report showed 67k job growth in private sector only, well below expectation of 138k. Looking at some details, small businesses added 11k jobs. Medium businesses added 29k. Large businesses added 27k. By sector, goods-producing jobs contacted -18k. Service-providing jobs rose 85k.
“In November, the labor market showed signs of slowing,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “The goods producers still struggled; whereas, the service providers remained in positive territory driven by healthcare and professional services. Job creation slowed across all company sizes; however, the pattern remained largely the same, as small companies continued to face more pressure than their larger competitors.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is losing its shine. Manufacturers, commodity producers, and retailers are shedding jobs. Job openings are declining and if job growth slows any further unemployment will increase.”
