US private payroll growth slows in December, missing expectations
Date
1/9/2025 12:34:24 AM
(MENAFN) Private payrolls in the United States grew by 122,000 in December 2024, falling short of the 139,000 increase forecasted by market analysts, according to a report released Wednesday by the ADP Research Institute. This marked a notable decline compared to the 146,000 jobs added in November, reflecting a slowdown in the labor market.
The report revealed that hiring weakened across multiple sectors, with manufacturing experiencing its third consecutive month of job losses. This downturn in hiring signals a broader cooling of the labor market as businesses contend with economic uncertainties and shifting market dynamics.
"The labor market slowed in December, with reduced hiring and pay growth," noted Nela Richardson, ADP's chief economist.
Despite the overall deceleration, the health care sector emerged as a bright spot. "Health care stood out in the second half of the year, creating more jobs than any other sector," Richardson highlighted, underscoring its sustained growth and demand.
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