11/30/2022, 2:18 PM (Source: TeleTrader)
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US private payrolls up by 127,000 in November - ADP

The number of jobs in the United States private sector saw a monthly rise of 127,000 in November, a number well below the projected 200,000 and October's rise of 239,000, Automatic Data Processing Inc. (ADP) said in its National Employment Report issued on Wednesday. Annual pay rose by 7.6% compared to the same month the year before.

Mid-sized enterprises with 50-249 workers hired the highest number of new people, 283,000, followed by small establishments with 1-19 employees with just 5,000. On the other hand, large enterprises lost 68,000 workers, and the small ones with 20-49 employees 56,000. The workforce of mid-sized enterprises with 250-499 people went down by 37,000.

"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," ADP Chief Economic Nela Richardson commented. "In addition, companies are no longer in hyper-replacement mode."

Baha Breaking News (BBN) / JR