US ADP report showed private employment increasing by 146k in November, missing market expectations of 165k. The growth was concentrated in service-providing sectors, which added 140k jobs, while goods-producing sectors saw a modest rise of 6k.
By establishment size, large companies led the way with 120k new jobs, while medium-sized firms added 42k. Small businesses, however, reported a loss of -17k jobs.
Pay gains saw an uptick for the first time in over two years. Job-stayers’ pay growth edged up to 4.8% yoy, while job-changers experienced a more robust 7.2% yoy increase.
ADP’s Chief Economist, Nela Richardson, highlighted the mixed industry performance, stating, “Manufacturing was the weakest we’ve seen since spring. Financial services and leisure and hospitality were also soft.” The data underscores a healthy but uneven labor market, with certain sectors and business sizes faring better than others.
