Private-sector hiring growth slowed in December 2024 as the U.S. labor market continued moderating.
According to ADP’s National Employment Report, December payrolls increased by 122,000, down from the 146,000 increase in November. This represented the smallest increase in four months.
Last month’s reading fell short of the consensus estimate of 140,000.
The majority of private-sector job creation occurred in education and health care services (57,000), leisure and hospitality (22,000), and financial activities (12,000).
For the third month in a row, manufacturing employment decreased, shedding 11,000 jobs. Meanwhile, natural resources and mining experienced a decline of 6,000 jobs, and professional and business services lost 5,000 jobs.
Nearly all new jobs were from large companies with more than 500 employees (97,000)….