US private hiring slows sharply in November: ADP

06 Décembre, 2019, 16:38 | Auteur: Auguste Feret
  • By Canadian Press	
	 		Survey Businesses added just 67,000 jobs in November				Dec 04 2019

Private-sector payrolls reported this morning by Automatic Data Processing ADP disappointed, coming in at just 67K new private-sector jobs created in November.

Despite the end of the almost six-week General Motors strike, the goods-producing sector lost 18,000 jobs - an even 6,000 loss across the manufacturing, construction and natural resources/mining sectors.

Zandi added that impacts from the tariffs between the USA and China are being felt in the employment picture.

"The job market is losing its shine. Job openings are declining, and if job growth slows any further, unemployment will increase". "Manufacturers, commodity producers and retailers are shedding jobs".

"The slowdown has been more significant than I would have thought", Zandi said during a conference call with reporters. "Labor demand clearly has weakened as the trade war has dampened activity". While education and health employers filled up 39,000 roles, professional or business services added 28,000 However, the trade, transportation and utilities category lost 15,000 jobs, and the information category dropped 8,000. The decline came amid an even split from natural resources/mining, construction, and manufacturing. Companies with fewer than 20 employees also slashed their payrolls.

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"One bad month is not a trend, but the forward-looking surveys signal no relief over the next couple of months, at least", Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note. "The trade war is doing damage to the economy". Wall Street-related jobs also gained, adding 11,000 to the total.

Medium-sized companies (50-499 employees) brought in 29K new private-sector jobs to lead the way, with large companies at 27K and small businesses at 11K. But with private-sector data coming in at barely a third of that overall total, we may see some analysts pull back on their Friday estimates.

ADP's figures don't include government hiring and frequently diverge from the government's official report, which is to be released December 6 and is expected to show an increase of 190,000 jobs.

Overall, economists expect the labor market to cool down as economic growth is now slowing. For the past several quarters, we'd been repeating the mantra than any jobs growth over 100K per month was enough to absorb the retiring baby boomers exiting the workforce.

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