US Nonfarm Payroll Growth Slows in November

Source: ADP

Private sector employment growth posted a slight decline in November, following two straight months of increases.

• Total US nonfarm private employment increased by 534,000 jobs in November, down from the 570,000 recorded in October.
• Large businesses accounted for 277,000 of the jobs added in the month, followed by medium businesses with 142,000 and small businesses with 115,000.
• The services accounted for 424,000 jobs, including 136,000 in leisure and hospitality and 110,000 in professional and business services.
• The latest figures bring the three-month average to 543,00 monthly jobs added, reflecting modest gains from earlier this year.
• Jobs created since the recovery from COVID-19 have so far surpassed 15 million, still 5 million below pre-pandemic levels.
• ADP Chief Economist Nela Richardson said it is still too early to tell if the Omicron variant could slow down the recovery in the coming months.