New data from ADP on Wednesday revealed an unexpected decline in U.S. private-sector hiring for November, reversing gains from the prior month.
According to the payroll firm, private employers shed 32,000 jobs during the month, following an upwardly revised increase of 47,000 positions in October. Economists had projected a modest uptick of around 10,000 jobs, based on the initially reported 42,000 gain in the previous period.
“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” said ADP chief economist Dr. Nela Richardson. “And while November’s slowdown was broad-based, it was led by a pullback among small businesses.”