US EditionPoor Hiring Data Points to US Economic Weakness
US companies cut 32,000 jobs in November while hospitality and healthcare sectors continue hiring amid uncertain economic conditions and delayed official data.
- ADP's private payrolls showed US companies shed 32,000 jobs in November, far below analysts consensus via Briefing.com's forecast of 20,000 new jobs, with small firms losing 120,000 jobs.
- The Labor Department delayed October releases and pushed the November reading back until December 16, removing official employment input before the Federal Reserve meets next week amid incomplete data after the federal government shutdown.
- The ISM reported its services index at 52.6, a 0.2 gain, but its employment subindex fell to 48.9, with only hospitality and healthcare sectors still hiring.
- Fed officials signaled concern about the job market, lifting expectations for another rate cut at next week’s Federal Reserve meeting amid policymaker disagreement.
- Economists note ADP reported the job market loses momentum at year-end and risks modestly higher unemployment early next year, while missing consumer pricing data and trade-policy uncertainty complicate decisions.
24 Articles
24 Articles
Poor hiring data point to US economic weakness
WASHINGTON, United States — US private-sector hiring data released Wednesday painted a downcast picture of the job market in the world’s biggest economy, especially among small businesses. The report showed US companies shed 32,000 jobs in November, payroll firm ADP said, in a surprise drop set to firm up expectations of a Federal Reserve interest rate cut next week. President Donald Trump has been touting the economy’s health, and forecasts had…
Data on hiring in the U.S. private sector painted a grim picture of the labor market in the world's largest economy, especially among small businesses.The report revealed that U.S. companies eliminated 32,000 jobs in November, according to the ADP payroll company, in a surprising fall that will reinforce expectations of a cut in interest rates by the Federal Reserve (Fed) at its meeting next week.Donald Trump, president of the United States (EU)…
US stocks rose on Wednesday. At the close of trading in New York, the Dow Jones Industrial Average stood at 47,883 points, a gain of 0.9 percent compared to the previous trading day. A few minutes earlier, the broader S&P 500 was up 0.3 percent at around 6,850 points, while the tech-heavy Nasdaq Composite was up 0.2 percent at around 25,606 points. Ahead of the Federal Reserve's upcoming interest rate decision, labor market data from the private…
6:36 PM US companies cut the most jobs in more than two years in November. This bad news increases pressure on the central bank to cut interest rates next week.
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