Jobs data, the slowdown in hiring continues

ADP said the private sector added a net 103k jobs in November, 27k below expectations and October was revised down by 7k to 106k. The company size breakdown was mixed in terms of hiring/firing. The service sector hired a net 117k while the goods side lost 14k as jobs declined in manufacturing and construction.

Of particular note on the leisure and hospitality side, it seems that the multi year push to hire back people after the covid lockdowns has been satiated. Jobs here fell by 7k. Job losses were also seen in professional/business services. Gains were seen in trade/transportation/utilities, information, financial activities and the usual job creator education/health services.

With respect to pay, there was a one tenth drop in the y/o/y gains for ‘job stayers’ and ‘job changers’ to 5.6% and 8.3% respectively. I’m really not sure about their calculations and how this squares up with the BLS average hourly earnings data or what we see from the quarterly employment cost index.