Private payrolls in the United States grew by 146,000 in November, according to a report released by payroll processing firm ADP on Wednesday. This figure was lower than expected, as economists had forecasted a gain of around 165,000 jobs for the month.
The slowdown in job growth comes as a bit of a surprise, given the strong performance of the labor market in recent months. The U.S. economy has been adding jobs at a steady pace, and the unemployment rate has remained near historic lows. However, there are some signs that the pace of hiring may be starting to taper off.
The service sector saw the most job gains in November, adding 139,000 jobs. This was led by the education and health services sector, which added 49,000 jobs, and the professional and business services sector, which added 40,000 jobs. The goods-producing sector, on the other hand, added just 7,000 jobs, with losses in manufacturing offsetting gains in construction and natural resources.
The report also showed that small businesses, with fewer than 50 employees, led the way in job growth, adding 69,000 jobs in November. Medium-sized businesses, with between 50 and 499 employees, added 95,000 jobs, while large businesses, with more than 500 employees, added just 3,000 jobs.
Despite the lower-than-expected job growth in November, the overall outlook for the U.S. labor market remains positive. The economy is still creating jobs, and the unemployment rate is at a 50-year low. However, there are some concerns about the impact of trade tensions and slowing global growth on the U.S. economy, which could potentially dampen job growth in the coming months.
Overall, the November jobs report from ADP suggests that the U.S. labor market is still in good shape, but that there may be some headwinds on the horizon. As we head into the new year, it will be important to keep an eye on the job market and monitor any potential signs of weakness or slowdown.