ADP: Private payrolls dropped 32,000 positions last month in slowing job market

Core Insights - US private employers experienced a loss of 32,000 jobs in November, indicating a stagnation in job creation, particularly affecting small businesses [1][2] - The hiring environment has been inconsistent, influenced by cautious consumer behavior and an uncertain macroeconomic landscape, with small businesses leading the decline in job creation [2][3] - Pay growth is also decelerating, with year-over-year pay for job-stayers rising by 4.4% in November, down from 4.5% in October, and job-changers seeing a decrease from 6.7% to 6.3% [4] Employment Trends - Job creation has been flat in the latter half of the year, with small businesses particularly struggling in November [1][2] - Manufacturing, construction, and professional services saw job losses, while education and health services added jobs, with gains primarily in mid-sized and large businesses [3] Economic Sentiment - The Federal Reserve's Beige Book indicates subdued labor demand, hiring freezes, and potential job displacement due to AI [5] - A significant portion of American workers, 69%, anticipate an increase in unemployment over the next year, reflecting a negative sentiment towards the job market [6]