ADP Report Shows Private Sector Cut 32,000 Jobs in November

ADP is reporting troubling signs for the U.S. labor market this morning. The payroll processing firm says private companies cut 32,000 jobs in November, marking a sharp reversal from October’s gain of 47,000 positions.

Small businesses were hit hardest, slashing an estimated 120,000 jobs, while larger employers—those with 50 or more workers—actually added about 90,000 positions last month.

The mixed report highlights an economy where big companies continue to hire, but smaller firms are struggling to keep workers on payroll.

These are the final private-sector job numbers the Federal Reserve will see before its December meeting, where policymakers will weigh the latest economic data as they assess interest rate decisions.