US Companies Added 146,000 Jobs in November, ADP Data Show
Employment at US companies remained firm in November, adding to evidence of a slowing but resilient labor market.
Private payrolls rose by 146,000 last month after an October increase that was revised down to 184,000, according to ADP Research Institute data released Wednesday. The median projection in a Bloomberg survey of economists called for a rise of 150,000.
The report showed employment growth was mixed among industries. Education and health care along with construction led gains, while manufacturing employment dropped by the most in over a year. Hiring in leisure and financial services was also soft.
verall, there’s still demand for workers in the face of lingering price pressures and elevated borrowing costs. That’s good news for Federal Reserve officials, who no longer view the labor market as a source of inflation and are now focused on preserving employment opportunities.
Fed officials, who lowered interest rates at their last two meetings, have indicated they’re paying more attention to the job market side of their dual mandate now that inflation has generally retreated. However, with price pressures recently proving stubborn in recent months, it’s not clear whether they will follow up with another rate cut at their Dec. 17-18 meeting.
Source: Bloomberg
