Financial News: U.S. Private Sector Employment Unexpectedly Dips By 32,000

U.S. Private Sector Employment Unexpectedly Dips By 32,000 Jobs In November

(RTTNews) - A report released by payroll processor ADP on Wednesday showed an unexpected decrease by private sector employment in the U.S in the month of November.

ADP said private sector employment fell by 32,000 jobs in November after climbing by an upwardly revised 47,000 jobs in October.

Economists had expected private sector employment to inch up by 10,000 jobs compared to the addition of 42,000 jobs originally reported for the previous month.

"Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment," said ADP chief economist Dr. Nela Richardson. "And while November's slowdown was broad-based, it was led by a pullback among small businesses."

The report said employment at small establishments plunged by 120,000 jobs, more than offsetting increases by employment at large and medium establishments, which climbed by 39,000 jobs and 51,000 jobs, respectively.

ADP said November hiring was particularly weak in the manufacturing, professional and business services, information and construction sectors.

Year-over-year pay growth for job-stayers dipped to 4.4 percent in November from 4.5 percent in October, while year-over-year pay growth for job-changers slowed to 6.3 percent in November from 6.7 percent in October, the report said.

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