Businessman in blue suit handshaking at business meeting, trying to make positive first impression on partner at negotiation, welcoming new colleague in office. Successful partnership, close up

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.

ā€œRestaurants and hotels were the biggest job creators during the post-pandemic recovery,ā€Ā  said Nela Richardson, ADPā€™s chief economist. ā€œBut 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.ā€

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.