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U.S. Private Sector Job Growth Slows More Than Expected In December
(RTTNews) - Private sector employment in the U.S. increased by less than expected in the month of December, according to a report released by payroll processor ADP on Wednesday.
The report said private sector employment rose by 122,000 jobs in December after climbing by 146,000 jobs in November. Economists had expected private sector employment to grow by 140,000 jobs.
ADP said hiring slowed in several industries, while employment in the manufacturing sector shrank for the third straight month.
"The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains," said ADP Chief Economist Nela Richardson.
The report said annual pay growth for job-stayers slowed to 4.6 percent in December, the slowest pace of growth since July 2021.
Year-over-year pay growth for job-changers was 7.1 percent in December, a slight decline from November, ADP said.
On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.
Economists currently expect employment to increase by 154,000 jobs in December after jumping by 227,000 jobs in November, while the unemployment rate is expected to hold at 4.2 percent.
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