The number of jobs in the United States private sector rose by 103,000 in November compared to the previous month, according to the National Employment Report released by Automatic Data Processing Inc. (ADP) on Wednesday.
Midsized companies hired 68,000 new employees, ahead of large businesses with 33,000. Employment in small firms increased by 6,000. The service-providing sector employed 117,000 new workers, while the goods-producing sector documented 14,000 job losses. In November, year-over-year pay growth slowed down for both job stayers and job changers to 5.6% and 8.3%, respectively, to their weakest rates in over two years.
"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 the economy as a whole will see more moderate hiring and wage growth in 2024," ADP Chief Economist Nela Richardson said in the report.
