US private payrolls fall by thirty-two thousand in November
Forecasts had anticipated an increase of about 5,000 jobs for the month, following an upward revision of October’s gain to 47,000.
ADP noted in a statement that hiring momentum has been largely stagnant throughout the latter half of 2025, with wage growth also slowing. The organization highlighted particularly weak hiring in manufacturing, professional and business services, information, and construction sectors.
"Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment," ADP chief economist Nela Richardson said. "And while November's slowdown was broad-based, it was led by a pullback among small businesses."
Among industries posting gains, education and health services added 33,000 positions, while leisure and hospitality followed with 13,000. Natural resources and mining contributed 8,000 new roles, and trade, transportation, and utilities increased by 1,000.
Losses were concentrated in professional and business services, which saw a drop of 26,000 jobs, alongside 20,000 losses in information services and an 18,000 decrease in manufacturing.
This employment data arrives just ahead of the Federal Reserve’s upcoming policy meeting on Dec. 9–10. Recent months have shown signs of a cooling labor market, while inflation readings have generally aligned with — or come in under — expectations.
According to the CME FedWatch tool, investors now assign more than an 89% probability to a 25-basis-point rate cut at the December meeting. The Fed’s benchmark interest rate is currently set in the 3.75% to 4% range.
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