Key Takeaways
- The private sector added 103,000 jobs in November, but hiring is slowing.
- Wage growth for job‑stayers slowed to a 5.6% increase, the weakest since 2021.
- Leisure and hospitality shifted from job creation to a 7,000‑job loss in November.
Washington: Private companies in the United States added 103,000 jobs in November, indicating slowing job growth in a cooling labor market, payroll data company Automatic Data Processing (ADP) reported Wednesday.
“Restaurants and hotels were the biggest job creators during the post-pandemic recovery,” said Nela Richardson, chief economist at ADP. “But that boost is behind us.”
“The return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024,” said Richardson.
In November, the goods‑producing sector lost 14,000 jobs, including a 15,000‑job decline in manufacturing.
The service‑providing sector added 117,000 jobs, though professional/business services fell by 5,000 and leisure/hospitality dropped 7,000, the report showed.
Job growth in the private sector totaled a downwardly revised 106,000 in October, the report showed.
Job-stayers saw a 5.6 percent pay increase in November, the slowest pace of gains since September 2021, according to the report. Job-changers, too, saw slowing pay growth. The premium for switching jobs is at the smallest in three years of data.
