The estimate for the number was an increase of 200,000 after the American economy created nearly 239,000 private jobs in October, the ADP Research Institute said in a joint report prepared with Stanford Digital Economy Lab.

The private sector’s job creation in November slowed by the most since January 2021, led by construction and other interest rate-sensitive sectors as a result of the US Federal Reserve’s aggressive rate hike cycle.

“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 ADP chief economist Nela Richardson.

“In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting and the post-pandemic recovery is stabilizing,” she added.

Small- and large-sized businesses lost 51,000 and 68,000 jobs, respectively, while medium-sized businesses saw a gain of 226,000.

The leisure and hospitality sector posted the highest gain of 224,000, while the manufacturing industry saw the largest decline of 100,000 jobs.

Source: Anadolu Agency