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Private employers in the US shed 32,000 jobs in November, marking the biggest drop in private payrolls since 2023. This unexpected decline was led by small businesses, which cut 120,000 jobs, the most significant drop since the COVID-19 pandemic. The slowdown has economists and policymakers closely watching the job market, especially as the Federal Reserve considers its next move on interest rates.
Despite predictions of job gains, the ADP report reveals a different story. Small businesses are facing challenges, with companies employing less than 50 people experiencing the most significant losses. Meanwhile, mid-sized and large companies saw modest job growth. The steepest job cuts were in professional services, information, and manufacturing, while education and health services continued to hire.
With the government shutdown delaying official data, the ADP report provides crucial insights into the job market's health. The Federal Reserve's upcoming meeting will be pivotal, as they decide between addressing inflation or responding to a softening labor market.