US Firms Slow Hiring With Manufacturers Cutting Jobs, ADP Says

US companies scaled back hiring in November, with manufacturers reducing headcount to the lowest level since early 2022, adding to evidence of a cooling labor market.

Private payrolls increased 103,000 last month and October’s reading was revised lower, according to figures published by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. The median estimate in a Bloomberg survey of economists called for a reading of 130,000.

Service-providing sectors, including education and health services as well as trade and transportation, drove the advance. Leisure and hospitality, which has been a major driver of job creation during the pandemic ...