ADP Data Shows Unexpected Decline In Private Payrolls In November, Small Businesses Pull Back Sharply

U.S. companies unexpectedly cut 32,000 jobs in November amid an uncertain macroeconomic environment.

According to data released by payroll processing firm ADP, small businesses registered a sharp pullback during the month, with a net decline of 120,000 employees, while mid-sized and large businesses added 90,000 employees on a net basis.

According to a Dow Jones estimate cited by MarketWatch, analysts expected an addition of 40,000 private payrolls in November.

ADP’s report comes a week before the Federal Reserve is set to decide its monetary policy direction.

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Also See: ORCL Stock Rises Pre-Market After Wells Fargo’s Bullish Call – Firm Expects It To Lead AI 'Super-Cycle'

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