US private employment shows early signs of rebound

(MENAFN) US private payrolls rebounded in late November, adding an estimated 4,750 jobs per week over the four weeks ending November 22, according to a preliminary report by a market research firm. This followed earlier losses, when private payrolls had declined by 13,500 jobs per week during the four weeks through November 8.

Earlier in the month, the same firm had reported an unexpected monthly drop of 32,000 in private nonfarm payrolls for November, after growth in October. Alternative datasets like these are helping to fill gaps in the economic picture, as a partial government shutdown continues to delay official data releases.

While agencies such as the Labor Statistics and Economic Analysis bureaus have updated schedules, key figures—such as the monthly nonfarm payroll total—will not be available until December. This leaves policymakers with limited data ahead of the Federal Reserve’s upcoming meeting on December 9-10.

Markets are largely anticipating a 25 basis point rate cut at the meeting, amid signs of slightly eased inflation and a labor market that has shown signs of softening in recent months.

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