US private payrolls rise 103,000 in November, much less than expectation

By Ovunc Kutlu

ISTANBUL (AA) – US private payrolls rose by 103,000 in November, much less than market estimate, according to a report released Wednesday by a research institute.

The market expectation for the figure was to show an increase of 130,000 jobs.

The figure for October, in addition, was revised down from a gain of 133,000 to 106,000.

"Last month brought moderate growth in hiring and another slowdown in pay gains," the ADP Research Institute in collaboration with Stanford Digital Economy Lab said in a report. "Both goods and services saw weakness, with leisure and hospitality and manufacturing posting declines."

Nela Richardson, the ADP chief economist, said restaurants and hotels were the biggest job creators during the post-pandemic recovery, and added: "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."

Among businesses, small and mid-sized enterprises added 6,000 and 68,000 jobs, respectively, while large businesses experienced a gain of approximately 33,000.

Trade, transportation and utilities posted the highest gain, adding 55,000 jobs, followed by education and health services with an increase of 44,000.