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<p class="has-drop-cap">Payroll processor ADP reported that the US private sector <a aria-label="added 103,000 jobs (opens in a new tab)" href="https://www.prnewswire.com/news-releases/adp-national-employment-report-private-sector-employment-increased-by-103-000-jobs-in-november-annual-pay-was-up-5-6-302007536.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">added 103,000 jobs</a> in November, missing the consensus estimates of 128,000 and below the 106,000 reported a month earlier. US equities climbed at the market open on Wednesday, while Treasury bond yields experienced a pullback.&nbsp;</p>
<h3 id="private-sector-sees-slowest-wage-growth-since-sep-2021">Private Sector Sees Slowest Wage Growth Since Sep. 2021&nbsp;</h3>
<p>According to a new report by payroll processing firm ADP, the US private sector added less-than-anticipated jobs in November, and wages saw the weakest growth in over two years.</p>
<p>Notably, private companies hired 103,000 new employees last month, notably missing the downwardly revised 106,000 in October and well below the Dow Jones estimate of 128,000. Annual pay increased by 5.6% in November, marking the smallest monthly gain since September 2021.&nbsp;</p>
<p>Furthermore, workers who changed their jobs saw wage bumps of 8.3%, representing the smallest premium for switching positions since ADP began issuing these reports in 2020.&nbsp;</p>
<p>The goods and services sectors saw soft job growth last month, while the manufacturing, leisure, and hospitality industries declined. To be more specific, leisure and hospitality posted a loss of 7,000 jobs, while service-related industries accounted for all the job gains for November.&nbsp;</p>
<p>Goods producers, on the other hand, recorded a net loss of 14,000.</p>
<blockquote class="wp-block-quote">
 <p>“Restaurants and hotels were the biggest job creators during the post-pandemic recovery. But that boost is behind us, and the return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024.”</p> <cite>– said Nela Richardson, Chief Economist at ADP.</cite>
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<h3 id="stocks-advance-bond-yields-retreat-on-soft-adp-report">Stocks Advance, Bond Yields Retreat on Soft ADP Report</h3>
<p>The Federal Reserve officials will be keeping tabs on the slowdown in the private sector’s job creation, which comes just days before the official non-farm payrolls report due on Friday.&nbsp;</p>
<p>Moderating the <a href="https://tokenist.com/stock-futures-dip-as-nfp-data-shows-labor-market-still-hot/" rel="noopener noreferrer nofollow" class="deco-link">strong labor demand</a> has been among the key objectives behind the US central bank’s historic move to <a href="https://tokenist.com/chances-of-a-25-bps-hike-at-98-9-as-fomc-decision-due-today/" rel="noopener noreferrer nofollow" class="deco-link">raise interest rates</a> to levels not seen in over two decades. In other words, officials hope that a cooling labor market could reduce some upward pressure on <a href="https://tokenist.com/dollar-index-plummets-stocks-soar-as-inflation-cools-faster-than-expected/" rel="noopener noreferrer nofollow" class="deco-link">sticky inflation</a>.&nbsp;</p>
<p>But it is safe to say that current interest rates are making an impact. The <a href="https://apnews.com/article/jobs-openings-hiring-economy-inflation-layoffs-459b409075bdc973c63b689bc9d3fe79" target="_blank" aria-label="Labor Department reported (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">Labor Department reported</a> on Tuesday that job openings dipped to their lowest mark in over two years in October, pointing to a trend that could make it easier for the Fed to potentially begin its long-awaited dovish pivot.</p>
<p>In the wake of the ADP report, major US market indices edged higher on Wednesday’s market opening, with the S&amp;P 500 and DJIA advancing 0.17% and 0.20%, respectively. Simultaneously, yields on long-term Treasuries slipped, with 10-year and 20-year ones retreating to 4.136% and 4.424%, respectively.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>How do you think the upcoming non-farm payrolls report will impact the markets on Friday? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/adp-data-shows-us-added-103k-jobs-in-november-lower-than-expected/">ADP Data Shows US Added 103k Jobs in November, Lower than Expected</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

ADP Data Shows US Added 103k Jobs in November, Lower than Expected

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