USA private sector job growth hits 6-month low in November

USA private sector job growth hits 6-month low in November

USA private sector job growth hits 6-month low in November

USA companies added just 67,000 jobs in November, a private survey found, barely half the gain of the previous month.

Goods-producing sectors lost 18,000 jobs, with decline in natural resources and mining, construction and manufacturing, said the report.

Market reaction: Stocks were still set to open higher Wednesday on reports that the USA and China are closer to a limited deal than President Donald Trump had indicated in comments to reporters on Tuesday.

Mark Zandi, chief economist of Moody's Analytics, said, "The job market is losing its shine".

For Friday's non-farm payroll numbers, provided by the U.S. Bureau of Labor Statistics (BLS), analysts' expectations had been for around 189K new jobs - including public-sector (government) employment - with an Unemployment Rate steady at an historically strong 3.6%. "Manufacturers, commodity producers and retailers are shedding jobs". It also follows a downwardly revised 125,000 job gains in October to 121,000.

"The slowdown has been more significant than I would have thought", Zandi said during a conference call with reporters. "I do think that goes to the trade war".

Trade, transportation and utilities, a sector that often leads job creation, saw a 15,000 loss, while information services also declined by 8,000.

The stronger service sector added a net 85,000 positions as health care and professional services industries provided the bulk of gains, according to the report. "This is not about supply-side constraints, with firms unable to find all the people they want; labor demand clearly has weakened as the trade war has dampened activity, both directly via the cost of the tariffs and indirectly by creating great uncertainty for businesses". Wall Street-related jobs also gained, adding 11,000 to the total. Companies with 50-499 employees added 29,000, while big business contributed 27,000.

ADP's figures don't include government hiring and frequently diverge from the government's official report, which is to be released December 6 and is expected to show an increase of 190,000 jobs.

Trade tensions and slowing global growth have cut into US exports and caused factories to cut jobs for much of this year. For the past several quarters, we'd been repeating the mantra than any jobs growth over 100K per month was enough to absorb the retiring baby boomers exiting the workforce.

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