Posted 12/6/2023, 1:20:00 PM
Hiring Slows in November with 103,000 New Jobs Added, Underscoring Cooling Labor Market
- ADP report shows 103,000 new hires in November, below expected 128,000, signaling slowing labor market
- Hiring has slowed over past 3 months, with just 298,000 new jobs since September
- Job gains concentrated in transportation, education, healthcare; losses in construction, healthcare
- Wage growth remains high at 5.9% year-over-year but is the lowest in 3 years as labor market cools
- Fed's interest rate hikes taking effect, likely leading to soft economic landing, but recession risk if policy stays too tight