A first look at hiring in November shows 32,000 jobs were lost in the private sector
By Alicia Wallace, CNN
(CNN) — Small businesses are “starting to crack” amid a weakening economy, rising inflation and fickle consumers; and they drove job losses in the US private sector in November, new data showed Wednesday.
Payroll giant ADP estimated that 32,000 jobs were lost in the private sector last month, a large drop-off from the upwardly revised 47,000 jobs gained in October.
The job losses were overwhelmingly at small establishments (classified as having between one and 49 employees), which shed an estimated 120,000 jobs last month. Medium and large businesses added 51,000 jobs and 39,000 jobs, respectively.
Economists were expecting that 40,000 jobs would be added, according to FactSet.
Private employers have shed jobs in four of the past six months, ADP data shows. The net loss of 32,000 reported for November is the largest monthly drop in two and a half years.
ADP’s estimates, which are drawn from anonymized and aggregated payroll data from its clients, don’t often fully correlate with the official monthly jobs numbers that are released by the government.
However, ADP’s reports have gained prominence in recent weeks, because the historic federal shutdown mangled statistical agencies’ abilities to collect, analyze and release economic data.
The November jobs report, which originally was supposed to be released Friday, has been delayed until December 16 and will include partial data from October.
This story is developing and will be updated.
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