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00:03An ADP report shows that U.S. private payrolls fell by 32,000 in November,
00:07the largest drop since March 2023, according to Reuters.
00:12Economists said the ADP declined conflicts with other labor indicators and official data,
00:16which point to mild softness and modest November job growth,
00:20rather than the deterioration suggested by the report.
00:23Economists said tariffs raised costs for small businesses and drove a 120,000 job loss,
00:29while medium and large enterprises added 51,000 and 39,000 jobs.
00:34Broader data showed labor market paralysis amid tariff uncertainty,
00:38while services sector employment continued contracting at a slower pace.
00:43Economists said the ADP reading could influence next week's Fed meeting,
00:47where policymakers remain split on further rate cuts.
00:50For all things money, visit Benzinga.com.
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