Private sector adds 146,000 jobs in November, below expectations, ADP says

Published On Dec 4, 2024, 8:34 AM

In November, the private sector added only 146,000 jobs, falling short of the forecast of 150,000 jobs and significantly below the previous month's addition of 184,000 jobs. ADP's chief economist noted that while the overall job growth is still positive for the month, sector performance was varied, with manufacturing showing significant declines. The education and health services sector led with the most job additions, followed by construction and trade. Wage growth saw a slight increase, reaching an annual rate of 4.8%.

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The lower-than-expected job growth may reflect broader economic concerns, which could lead to cautious investor sentiment in the near term. Investors might prepare for implications on consumer spending and economic stability, especially since manufacturing has shown weakness.

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