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US companies added just 127,000 jobs in November as hiring slows


November 30, 2022 8:19am EST
US companies added just 127,000 jobs in November as hiring slows
Economists expected private payrolls to grow by 200,000 in October

By Megan Henney FOXBusiness

Private payroll job growth rose slower than expected in November, evidence that the historically hot labor market is finally starting to cool off, according to the ADP National Employment Report released Wednesday morning. 

Companies added just 127,000 jobs last month, missing the 200,000 gain that economists surveyed by Refinitiv had predicted. 

"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, chief economist at ADP. "In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting and the post-pandemic recovery is stabilizing."

The Fed has responded to the inflation crisis and the extremely tight labor market by raising interest rates at the fastest pace in decades. Officials approved four consecutive 75-basis-point rate hikes in June, July, September and November and have shown no signs of pausing.



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