If the Federal Reserve needed any encouragement toward easing, the latest ADP numbers are pushing in that direction. Instead of modest job gains, private employers shed 32,000 positions in November, with pay growth cooling to 4.4% year over year.
"Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment. And while November’s slowdown was broad-based, it was led by a pullback among small businesses,” said ADP chief economist Nela Richardson.
