{"id":130421,"date":"2022-12-01T05:37:20","date_gmt":"2022-12-01T05:37:20","guid":{"rendered":"https:\/\/fin2me.com\/?p=130421"},"modified":"2022-12-01T05:37:20","modified_gmt":"2022-12-01T05:37:20","slug":"u-s-private-sector-job-growth-falls-well-short-of-estimates-in-november","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/u-s-private-sector-job-growth-falls-well-short-of-estimates-in-november\/","title":{"rendered":"U.S. Private Sector Job Growth Falls Well Short Of Estimates In November"},"content":{"rendered":"<p> Private sector job growth in the U.S. fell well short of economist estimates in the month of November, payroll processor ADP revealed in a report released on Wednesday.<\/p>\n<p>ADP said private sector employment increased by 127,000 jobs in November after surging by an unrevised 239,000 jobs in October. Economists had expected employment to jump by another 200,000 jobs.<\/p>\n<p>&#8220;Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,&#8221; said ADP chief economist Nela Richardson.<\/p>\n<p>&#8220;In addition, companies are no longer in hyper-replacement mode,&#8221; she added. &#8220;Fewer people are quitting and the post-pandemic recovery is stabilizing.&#8221;<\/p>\n<p>ADP said job creation slowed by the most since January 2021, led by construction and other interest rate-sensitive sectors.<\/p>\n<p>The report showed employment in the construction sector edged down by 2,000 jobs, while employment in the manufacturing sector plunged by 100,000 jobs.<\/p>\n<p>Employment in the professional and <span>business<\/span> services, financial activities and information sectors also decreased compared to the previous month.<\/p>\n<p>Meanwhile, ADP said consumer-facing segments were bright spots, with employment in the leisure and hospitality sector surging by 224,000 jobs.<\/p>\n<p>The report also showed employment at large and small businesses fell by 68,000 jobs and 51,000 jobs, respectively, partly offsetting a 246,000 job surge in employment at mid-sized businesses.<\/p>\n<p>On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs.<\/p>\n<p>Economists currently expect employment to jump by 200,000 jobs in November after shooting up by 261,000 jobs in October, while the unemployment rate is expected to hold at 3.7 percent. <\/p>\n<p>Source: <a href=\"https:\/\/www.rttnews.com\/3328917\/u-s-private-sector-job-growth-falls-well-short-of-estimates-in-november.aspx?type=alleco\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Private sector job growth in the U.S. fell well short of economist estimates in the month of November, payroll processor ADP revealed in a report [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":130420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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