33.1 C
Delhi
Monday, June 23, 2025

U.S. private sector adds 103,000 jobs in November as hiring slows

Date:

Share post:

Donate-GC-Razorpay

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, with a decline of 15,000 jobs in manufacturing. In the service-providing sector, 117,000 jobs were added, with declines in professional/business services (-5,000) and leisure/hospitality (-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.

Related articles

India’s Strategic Crossroads in the Shadow of a US-Iran War

 In the theatre of global geopolitics, few crises unfold without dragging the rest of the world into their...

ECoR to run record 365 Rath Yatra Special trains to and from Puri

Bhubaneswar: The East Coast Railway (ECoR) will operate a record 365 special trains during this year’s Puri Rath...

Netanyahu says Israel “very close” to reaching its goals in Iran

Jerusalem: Israeli Prime Minister Benjamin Netanyahu said Sunday that Israel is "very close" to completing its objectives after...

Russia extremely negative about NATO plans to increase defence spending: FM

Moscow: Russia is extremely negative about NATO's plans to increase defence spending and will continue to take measures...