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U.S. ADP report signals worsening labor market, unexpected decline in November employment
BlockBeats news, on December 3, the employment report released by ADP, an American automatic data processing company, on Wednesday showed an unexpected decline in private sector employment in November. The revised data for October showed an increase of 47,000 jobs, but private sector employment decreased by 32,000 in November. The U.S. Bureau of Labor Statistics will release the highly anticipated November employment report on December 16. This report was originally scheduled for release on December 5 but was delayed due to the recent government shutdown and will include the October non-farm payroll data. Although ADP data indicates a worsening labor market, the number of initial claims for state unemployment benefits still aligns with the market narrative of 'no hiring and no layoffs.' Economists say that the economic uncertainty brought about by tariff policies has put the labor market in a standstill. In September, the U.S. economy added only 119,000 jobs, and the unemployment rate rose to a four-year high of 4.4%. (Jin Shi)
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