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The US ADP Report Signals Deterioration in the Labor Market, with Unexpected Decline in Employment Numbers in November
BlockBeats News, December 3rd, the US automatic data processing company ADP released an employment report on Wednesday showing an unexpected decrease in private sector employment in November. The revised October data showed an increase of 47,000 jobs, but the private sector lost 32,000 jobs in November. The US Bureau of Labor Statistics is set to release the highly anticipated November employment report on December 16th. The report, originally scheduled for December 5th, was delayed due to the recent government shutdown and will include October nonfarm payroll data. Despite the ADP data indicating a deterioration in the labor market, initial state unemployment claims still align with the narrative of a market in which "neither hiring nor firing" is prevalent. Economists note that the economic uncertainty brought about by tariff policies has led to a stagnant labor market. In September, the US economy added only 119,000 jobs, pushing the unemployment rate to a four-year high of 4.4%. (FXStreet)
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