|Getty ImagesKey Takeaways
ADP reports that 127,000 jobs were added to the economy in November.
Wages also grew. However, there has been a slowdown in the growth rate for a few months.
Interest rates will likely increase as the Federal Reserve wants to pull inflation back down to a sustainable level.
The ADP November jobs report was released on November 30, 2022. It offered a little hope to investors and economists that the Federal Reserve might start slowing the pace of interest rate hikes.
However, the fact that wage growth continues to be strong is discouraging. Here is a detailed look at the ADP jobs report and what this means for future interest rate hikes.
Results of the latest jobs report
The ADP November jobs report showed 127,000 private sector jobs added to the economy, representing the slowest month of job creation since January 2021. Economists predicted an addition of 200,000 jobs based on the previous month’s results.
In October 2022, a total of 239,000 jobs were added. These numbers suggest the Federal Reserve’s efforts to slow down the economy are starting to bear results.
The November jobs report from the Bureau of Labor Statistics showed 263,000 nonfarm payroll jobs were added to the economy, continuing a trend of modest job gains. In October 2022, a total of 261,000 jobs were added.
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These numbers suggest the Federal Reserve will continue its efforts to slow down the economy by raising interest rates at the next Federal Reserve meeting in December.
The unemployment rate remained unchanged at 3.7% and has stayed between 3.5% and 3.7% since March 2022.
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