The American private sector added 103,000 jobs during November

Private sector job creation slowed further in November, and wages showed their smallest growth in more than two years, reports said ADP Wednesday.

Companies added only 103,000 workers for the month, slightly less than the downwardly revised figure of 106,000 in October, and exceeding the Dow Jones estimate of 128,000..

Along with modest job growth came a 5.6% increase in annual pay, which he said ADP It’s the smallest increase since June 2021. Job switchers saw pay increases of 8.3%, making the job switch premium the lowest since it began. ADP In tracking data. Three years ago.

After leading job creation for most of the period since the emergence of the coronavirus in early 2020, leisure and hospitality companies recorded a loss of 7,000 jobs during the month. Trade, transportation, and utilities witnessed an increase of 55,000 jobs, while education and health services added 44,000 jobs and other services contributed 15,000 jobs..

Service-related industries provided all of the job gains for the month, with goods producers seeing a net loss of 14,000 due to a decline of 15,000 in manufacturing, despite the settlement of United Auto Workers strikes, and 4,000 in construction. Recent layoffs in Silicon Valley and on Wall Street also did not show up in the data, as both sectors posted gains during the month.

Nella Richardson, chief economist at… ADP: «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 that the economy as a whole will see more moderate employment and wage growth in 2024.”».