US Private Sector Adds 146,000 Jobs in November, Smallest Gain Since August; Prior Month Revised Down, ADP Reports

Dec 4, 2024, 01:16 PM

Despite expectations for stronger growth, the US private sector added 146,000 jobs in November, as reported by ADP, missing forecasts that ranged from 150,000 to 166,000, including the Dow Jones estimate of 163,000. The previous month's employment gain was revised down to 184,000 from 233,000. The November increase represents the smallest gain since August 2024, suggesting a potential slowdown in the labor market. Notably, year-over-year pay gains for job-stayers edged up for the first time in 25 months.