Private sector employment in the U.S. increased by less than expected in the month of November, payroll processor ADP revealed in a report released on Wednesday.<\/p>\n
ADP said private sector employment rose by 103,000 jobs in November after climbing by a downwardly revised 106,000 jobs in October.<\/p>\n
Economists had expected private sector employment to advance by 130,000 jobs compared to the addition of 113,000 jobs originally reported for the previous month.<\/p>\n
“Restaurants and hotels were the biggest job creators during the post-pandemic recovery,” said ADP chief economist Nela Richardson. “But that boost is behind us.”<\/p>\n
She added, “The return to trend in leisure and hospitality suggests the economy<\/span> as a whole will see more moderate hiring and wage growth in 2024.”<\/p>\n Employment in the service-providing sector rose by 117,000 jobs, with a dip in employment in the leisure and hospitality sector limiting the upside.<\/p>\n Meanwhile, the report said employment in the goods-producing sector fell by 14,000 jobs, reflecting modest decreases in employment in the manufacturing and construction industries.<\/p>\n ADP also said job-stayers saw a 5.6 percent pay increase in November, the slowest pace of growth since September 2021. <\/p>\n Pay growth for job-changers also slowed to 8.3 percent, marking the smallest year-over-year increase since June 2021. <\/p>\n On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of November.<\/p>\n Economists currently expect employment to increase by 185,000 jobs in November after rising by 150,000 jobs in October, while the unemployment rate is expected to hold at 3.9 percent. <\/p>\n