ADP Data Shows Sharp Reversal In Hiring Just Weeks Before Key Fed Meeting
Synopsis
The latest report comes weeks before the Federal Reserve is set to decide on its monetary policy direction and take a call on whether a rate cut in December is needed.
U.S. companies cut 13,500 jobs per week on average over four weeks ending November 8, adding to concerns of labor market weakness.
The data, released as part of a preliminary estimate in ADP’s National Employment Report, shows a reversal in hiring trends over the past week. According to last week’s ADP NER report, U.S. companies added 2,500 jobs per week over four weeks ending November 1.
The latest report comes weeks before the Federal Reserve is set to decide on its monetary policy direction and take a call on whether a rate cut in December is needed.
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