Private sector employment gained 103,000 jobs in November, according to the latest ADP National Employment Report, after an addition of 113,000 jobs in October. Annual pay inched down to +5.6% year-over-year in November.
“Restaurants and hotels were the biggest job creators during the post-pandemic recovery,” said Nela Richardson, ADP’s chief economist. “But that boost is behind us, and the return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024.”
Service-providing industries added 117,000 jobs over the month, with the largest gains in trade/transportation/utilities (+55,000) and education/health services (+44,000), and losses in leisure/hospitality (-7,000) and professional/business services (-5,000). Meanwhile, among goods-producing industries, jobs decreased in manufacturing (-15,000) and construction (-4,000).
The Northeast (+59,000) and South (+58,000) regions had the highest job gains in November, while the West lost 10,000 jobs. By establishment size, medium-sized businesses led job growth with the addition of 68,000 jobs, while large (+33,000) and small (+6,000) businesses posted smaller gains.
