ADP Data Shows Unexpected Decline In Private Payrolls In November, Small Businesses Pull Back Sharply
Synopsis
Small businesses registered a net decline of 120,000 employees during the month, while mid-sized and large businesses added 90,000 employees on a net basis.
U.S. companies unexpectedly cut 32,000 jobs in November amid an uncertain macroeconomic environment.
According to data released by payroll processing firm ADP, small businesses registered a sharp pullback during the month, with a net decline of 120,000 employees, while mid-sized and large businesses added 90,000 employees on a net basis.
According to a Dow Jones estimate cited by MarketWatch, analysts expected an addition of 40,000 private payrolls in November.
ADP’s report comes a week before the Federal Reserve is set to decide its monetary policy direction.
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