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US private sector loses 32,000 jobs in November, defying expectations
The US private sector shed 32,000 jobs in November, according to the latest ADP/Stanford Lab survey, surprising markets that had anticipated net job gains. Job losses were primarily concentrated in the industrial sector and small businesses with fewer than 50 employees.
Analysts had expected a modest increase in employment, ranging from 10,000 to 40,000 new jobs, based on consensus forecasts from Trading Economics and MarketWatch. While the ADP data is sometimes considered less reliable, it remains an important early indicator of the state of the world’s largest economy, especially given recent disruptions in official statistics caused by the US budget deadlock from October 1 to November 12.
The October unemployment rate was never released, and November figures are expected to be published later than usual, after the upcoming Federal Reserve meeting. The Fed’s policy decisions, including interest rates, are crucial for maintaining price stability—typically defined as 2% inflation—and full employment.
The unexpectedly weak ADP report may strengthen market expectations that the Federal Reserve will lower interest rates for the third consecutive time on December 10, despite ongoing concerns about inflation.