In December, the U.S. private sector employment growth fell short of expectations, as reported by ADP, a leading payroll processing company, on Wednesday. The report indicates that private sector jobs increased by 122,000 in December, following a rise of 146,000 in November. Analysts had anticipated a growth of 140,000 jobs in the private sector.
ADP highlighted that several industries experienced slower hiring rates, with the manufacturing sector's workforce declining for the third consecutive month. ADP's Chief Economist, Nela Richardson, noted, "In the final month of 2024, the labor market shifted to a more tempered pace of growth, with both hiring and wage increases exhibiting signs of deceleration."
