US Firms Slow Hiring and Wage Gains Moderate, ADP Data Show
- Businesses’ payrolls rose 127,000, smallest gain in two years
- Manufacturing shed 100,000 jobs; leisure sector led gains
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Hiring at US companies cooled in November to the slowest pace in nearly two years and wage gains moderated, suggesting employers may be starting to hit the brakes amid a darkening economic outlook.
Businesses’ payrolls rose 127,000 this month, the smallest gain since January 2021, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The median forecast in a Bloomberg survey of economists called for a 200,000 advance.