Financial News: U.S. Private Sector Job Growth Falls Modestly Short

U.S. Private Sector Job Growth Falls Modestly Short Of Estimates In November

12/04/2024 - 09:47:00 (RTTNews)

(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by slightly less than expected in the month of November.

ADP said private sector employment climbed by 146,000 jobs in November after jumping by a downwardly revised 184,000 jobs in October.

Economists had expected private sector employment to grow by 165,000 jobs compared to the surge of 233,000 jobs originally reported for the previous month.

"While overall growth for the month was healthy, industry performance was mixed," said ADP chief economist Nela Richardson. "Manufacturing was the weakest we've seen since spring. Financial services and leisure and hospitality were also soft."

The report said employment in the manufacturing sector fell by 26,000, while employment in the financial activities sector crept up by 5,000 jobs and employment in the leisure and hospitality sector rose by 15,000 jobs.

ADP also said year-over-year pay gains for job-stayers edged up for the first time in 25 months, rising to 4.8 percent. Year-over-year pay gains for job-changers also increased to 7.2 percent

On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.

Economists currently expect employment to jump by 200,000 jobs in November after inching up by 12,000 jobs in October, while the unemployment rate is expected to tick up to 4.2 percent from 4.1 percent.

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