Private Job Losses Sped Up This Month As Labor Market Declines

Core Insights - The U.S. private sector has experienced a significant increase in job losses, averaging over 13,500 jobs lost per week in October and early November, indicating a weakening labor market [1][2][3] Summary by Sections Job Losses - Private sector employers reported an average loss of 13,500 jobs per week for the four weeks ending November 8, which is a notable increase from the previous average loss of 2,500 jobs per week [2][3] - This represents a nearly 20% increase in job losses compared to the prior four-week period, where the average loss was 11,250 jobs per week [3] Labor Market Conditions - Early October showed more stable conditions, with a reported increase of 42,000 private sector payrolls and a year-over-year wage increase of 4.5%, but subsequent data indicated a decline towards the end of the month [4] - ADP's chief economist described the current labor market as a "C plus, B minus" situation, reflecting mixed conditions [5]