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US private sector job growth slightly below estimates in November
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US private sector job growth slightly below estimates in November

Financial news

WASHINGTON (dpa-AFX) – A report released Wednesday by payroll manager ADP shows that private sector employment in the United States grew slightly less than expected in November.

ADP said private sector employment increased by 146,000 jobs in November after jumping by a downwardly revised 184,000 jobs in October.

Economists expected growth of 165,000 jobs in the private sector, compared to 233,000 initially reported for the previous month.

“Although overall growth for the month was healthy, the sector’s performance was mixed,” said Nela Richardson, ADP’s chief economist. “Manufacturing was the weakest we’ve seen since the spring. Financial services, leisure and hospitality have also seen a slowdown.

The report indicates that employment in the manufacturing sector decreased by 26,000, while employment in the financial activities sector increased by 5,000 jobs and employment in the leisure and hospitality sector increased. increased by 15,000 jobs.

ADP also said year-over-year wage gains for those who remained on the job increased slightly for the first time in 25 months, amounting to 4.8 percent. Year-over-year wage gains for job changers also increased to 7.2 percent.

On Friday, the Labor Department is expected to release its more closely watched monthly employment report, which includes jobs in both the public and private sectors.

Economists currently expect an increase of 200,000 jobs in November after a slight increase of 12,000 in October, while the unemployment rate is expected to increase from 4.1% to 4.2%.

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