Private employers in the US shed 32,000 jobs in November as smaller companies cut back on positions, according to unofficial data that has become a prominent indicator of the health of the world’s top economy.
Wednesday’s figure from payroll processor ADP compares with expectations of a 10,000-job gain among economists polled by Bloomberg and an upwardly revised 47,000 increase the previous month.
The job losses were led by smaller companies with fewer than 50 employees, which shed 120,000 posts. The report will boost the case for the Federal Reserve to cut interest rates for a third time this year when its policy-setting committee meets next week.