(RTTNews) - Private sector employment in the U.S. increased by less than expected in the month of November, payroll processor ADP revealed in a report released on Wednesday.
ADP said private sector employment rose by 103,000 jobs in November after climbing by a downwardly revised 106,000 jobs in October.
Economists had expected private sector employment to advance by 130,000 jobs compared to the addition of 113,000 jobs originally reported for the previous month.
"Restaurants and hotels were the biggest job creators during the post-pandemic recovery," said ADP chief economist Nela Richardson. "But that boost is behind us."
She added, "The return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024."
