6 December 2023
ADP’s November jobs report is alarming, revealing only 103k jobs added, far below expectations and marking a significant downturn. Manufacturing and hospitality sectors are particularly hard-hit, the latter losing jobs for the first time since early 2021. Wage growth is also at its lowest in over a year, amplifying recession fears and casting doubt on the stock market’s current resilience. This stark data challenges the optimism for future rate cuts.