The US private sector grew at 2nd-weakest pace since 2010 in November
- Private employers in the US added the fewest jobs in six months in November, according to the payroll processor ADP.
- That was the second-weakest pace of growth since 2010 and far below consensus expectations for a gain of 150,000 payrolls.
- The report could renew concerns that the historically strong labor market is running out of steam, particularly as a global trade dispute continues to escalate.
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Private employers in the US added the fewest jobs in six months in November, according to the payroll processor ADP.
ADP said in its national employment report out Wednesday that 67,000 nonfarm payrolls were added last month, the lowest reading since May. That was the second-weakest pace of growth since 2010 and far below consensus expectations for a gain of 150,000 payrolls.
The report could renew concerns that the historically strong labor market is running out of steam, particularly as a global trade dispute continues to escalate.
"One bad month is not a trend, but the forward-looking surveys signal no relief over the next couple of months, at least," said Ian Shepherdson, the chief economist at Pantheon Macroeconomics. "Labor demand clearly has weakened as the trade war has dampened activity."
The Bureau of Labor Statistics is scheduled to release a more comprehensive look at the economy in its official employment report out Friday, which includes both private and public sector jobs.
This story is developing. Please check back for updates.