US private sector employment rises 103,000 in November vs. 130,000 expected
|- Private sector employment grew at a softer pace than expected in November.
- US Dollar Index continues to fluctuate at around 104.00.
Private sector employment in the US rose by 103,000 in November, the data published by Automatic Data Processing (ADP) showed on Wednesday. This reading followed the 106,000 increase recorded in October (revised from 113,000) and came in below the market expectation of 130,000.
Assessing the survey's findings, "restaurants and hotels were the biggest job creators during the post-pandemic recovery," said Nela Richardson, chief economist, ADP. "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."
Further details of the publication revealed that the annual pay was up 5.6% year-over-year in November.
Market reaction
The US Dollar Index showed no immediate reaction to these figures and was last seen moving sideways at around 104.00.
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