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After gaining 239,000 jobs in October, private employers added 127,000 jobs in November, according to the latest ADP National Employment Report

“Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” said Nela Richardson, ADP’s chief economist. “In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting and the post-pandemic recovery is stabilizing.”

For another month, leisure/hospitality had the bulk of the job gains, adding 224,000 jobs in November. Trade/transportation/utilities (+62,000) and education/health services (+55,000) also had notable job growth. Manufacturing, however, had a significant loss of 100,000 jobs over the month, alongside losses in professional/business services (-77,000) and information (-25,000). Changes in employment by establishment size ranged from -68,000 (500+ employees) to +283,000 (50-249 employees). 

Annual pay was up 7.6% year-over-year for job stayers and 15.1% for job changers in November. Leisure/hospitality (+10.8%) and trade/transportation/utilities (+8.1%) showed the largest annual pay increase for the month. Construction, professional/business services, and other services had the smallest, each raising pay by 6.8%. Large firms (500+ employees) boosted annual pay the most at 8.1%, while the smallest businesses (1-19 employees) had the lowest increase at 6.8%.