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ADP: November job growth slowest since July

ADP: November job growth slowest since July
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Private-sector job growth in November slowed to its weakest pace since July, with employers adding 307,000 new jobs, according to estimates from ADP.

“While November saw employment gains, the pace continues to slow,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

While 307,000 new jobs would be a banner monthly figure in normal times, the slowing growth in the midst of a pandemic recession could point to a weakening recovery. It is just 40 percent of September’s growth rate, and a small step toward recovering the 19.7 million jobs lost in March and April.

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Since the pandemic hit, the economy has lost a net of 9.7 million jobs, according to ADP.

Economists worry that the unprecedented spike in COVID-19 cases will lead the economy back into job losses and possibly a double-dip recession in the coming months.

The November report found that 95,000 jobs were added in the leisure and hospitality sector, followed by 69,000 in education and health services, which were hit hard during the recession. Companies with between 50 and 499 employees made the most gains, at 139,000.

“Job growth remained positive across all industries and sizes,” Yildirmaz noted.

The official jobs report from the Labor Department is due on Friday.