With very few jobs being added in the goods and services space, and hardly any being added in the hospitality and manufacturing space, the month of November 2023 saw private employers in the US adding only 103,000 jobs. This was much lower than the 1,30,000 jobs predicted by economists, and less than the revised mark of 1,06,000 in October.
According to ADP data, while 22,000 jobs were added by establishments with 19 or less employees, 16,000 jobs were lost in those with 20 to 49 employees.
A significant 70,000 jobs were added in firms with 50 to 249 people, while 3,000 were laid off in firms with 250 to 499 people. Large enterprises with over 500 employees added about 33,000 jobs.
The demand for hires has gone up in the natural resources mining space, with 5,000 jobs being added.
Demand has fallen in the construction and manufacturing sectors with 4,000 and 15,000 jobs being reduced, respectively.
Jobs have been added in the services space, with 55,000 being added in trade, transportation and utilities; 4,000 in information and 11,000 in financial activities.
About 44,000 jobs were added in education and health services, and 15,000 in other services.
The hiring demand fell by 7,000 in the leisure and hospitality space and 5,000 in the professional and business services space.