US private payrolls gain slightly below expectations in November
2024.12.04 08:56
WASHINGTON (Reuters) – U.S. private payrolls increased at a moderate pace in November, the ADP National Employment Report showed on Wednesday.
Private payrolls rose by 146,000 jobs last month after advancing by a downwardly revised 184,000 in October.
Economists polled by Reuters had forecast private employment increasing by 150,000 positions after a previously reported 233,000 jump in October.
The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of Friday’s more comprehensive and closely watched employment report for November from the Labor Department’s Bureau of Labor Statistics.
There is no correlation between the ADP and BLS employment report. Initial ADP prints have mostly understated private payroll growth this year. An acceleration in job growth is anticipated in November after being severely curtailed by Hurricanes Helene and Milton, as well as strikes by factory workers at Boeing (NYSE:) and another aerospace company.
Private payrolls likely rebounded by 200,000 jobs last month after declining by 28,000 in October, a Reuters survey of economists showed. That would account for all the expected 200,000 increase in nonfarm payrolls.
The economy added only 12,000 jobs in October, the fewest since December 2020. The unemployment rate is forecast rising to 4.2% from 4.1% in October.
