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MNI BRIEF: November Job Trends Support 2024 Soft Landing -ADP

(MNI) WASHINGTON

U.S. hiring is set to slow next year to a still-solid pace, ADP chief economist Nela Richardson said Wednesday after the ADP National Employment Report showed a lower-than-expected pace of hiring in November and softening wage growth. Private sector employment added 103,000 jobs last month, compared to 113,000 in October and the 130,000 analysts expected.

Three straight months of job losses in the leisure and hospitality sector marks the "end of an era" when restaurants and hotels were consistently the biggest job creators in the post-Covid recovery, Richardson told reporters on a call. "This is a pivot from some of the numbers that we've grown accustomed to. It is a return to normal but it is, in my view, at the end of an era."

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U.S. hiring is set to slow next year to a still-solid pace, ADP chief economist Nela Richardson said Wednesday after the ADP National Employment Report showed a lower-than-expected pace of hiring in November and softening wage growth. Private sector employment added 103,000 jobs last month, compared to 113,000 in October and the 130,000 analysts expected.

Three straight months of job losses in the leisure and hospitality sector marks the "end of an era" when restaurants and hotels were consistently the biggest job creators in the post-Covid recovery, Richardson told reporters on a call. "This is a pivot from some of the numbers that we've grown accustomed to. It is a return to normal but it is, in my view, at the end of an era."

Keep reading...Show less