Sunday, February 25, 2024

US job creation slows: just 103,000 new jobs

The private sector of deer suffered a slowdown in the creation of EMPLOYMENT. According to a report published by the consulting firm ADP, only 103,000 jobs were created in November, which represents a slowdown compared to the 113,000 new jobs registered in October. A fact that, as the reference variable of the Federal Reserve (feeding) could translate into a break from the upward trend in interest rates in the last month of the year.

The study showed that last November there was a moderate growth of Car hire and another slowdown in wage growth. Both products and services were “weak”, with leisure and hospitality and the manufacturing industry recording declines.

The manufacturing industry fell

By sector, employment growth in November was equal to services, with 117,000 net positions, and with the largest increases in the commerce, transportation and public services sectors (55,000) and in education and health services. (44,000). In contrast, the manufacturing industry destroyed 14,000 jobs and ESTABLISHINGabout 4,000.

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In addition, the consulting firm indicated that the fall of EMPLOYMENT This was done among large companies with more than 20 and 49 workers, with 16,000 fewer jobs, and among those with 250-499 workers, with 3,000 fewer. Compared to them, 71,000 positions were created in companies with between 50 and 249 workers; in 33,000 jobs in companies with more than 500 workers and 22,000 in those with between 1 and 19 employees.

Despite all of the above, the annual salary It increased by 5.6% year-on-year in micro-businesses with between 1 and 19 employees, they increased by 4.8%, and the remaining companies revalued payrolls in line with the average or slightly higher.

US stock markets are celebrating

Automatically, US stock markets celebrated the poor employment data. Overall, the Fed is expected to reconsider whether or not to continue raising interest rates. In fact, its growth has contributed to increasing the cost of financing for companies and cutting their business margins. For this reason, it is expected that the Fed will listen to the slowdown in employment published by the ADP and start the lower path of US rates.

World Nation News Desk
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