US private sector adds fewer jobs than expected in December - ADP
Private sector employment in the US rose less than expected in December, according to data released on Wednesday by ADP.
Employment increased by 122,000 from November, versus expectations for a 140,000 jump.
Small businesses with fewer than 50 employees added 5,000 jobs, while medium businesses with between 50 and 499 employees added 9,000 jobs.
Large businesses with more than 500 employees created an additional 97,000 jobs.
The service sector added 112,000 jobs, while the goods-producing sector saw a 10,000 increase.
The figures also showed that year-over-year pay growth for job-stayers eased to 4.6% - the slowest pace of gains since July 2021. Pay growth for job-changers was 7.1%, a slight drop on November.
Nela Richardson, chief economist at ADP, said: "The labour market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains.
"Health care stood out in the second half of the year, creating more jobs than any other sector."