2d • Industry News
November private payrolls unexpectedly fell by 32,000, led by steep small business job cuts, ADP reports
Key Points
- The U.S. labor market slowdown intensified in November as private companies cut 32,000 workers, with small businesses hit the hardest, payrolls processing firm ADP reported Wednesday.
- Larger businesses, entailing companies with 50 or more employees, actually reported a net gain of 90,000 workers. However, establishments with fewer than 50 saw a decline of 120,000.
- The ADP report is the last monthly jobs picture the Federal Reserve gets before it meets Dec. 9-10.
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November private payrolls unexpectedly fell by 32,000, led by steep small business job cuts, ADP reports
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