ADP’s latest monthly look at private-sector employment showed that about 32,000 jobs were lost last month, marking a drop-off from the upwardly revised 47,000 jobs gained in October.
ADP’s reports have gained in prominence in recent weeks as the longest shutdown in US history stifled statistical agencies’ abilities to collect, analyze and release economic data.
The November jobs report, originally slated for release on Friday, is delayed until December 16. It also will include partial data from October, a month where a full jobs report was nixed.
As such, Wednesday ADP data is likely the next-best estimate on the labor market Federal Reserve officials will get before their policymaking meeting next week.
Still, while ADP’s tabulations don’t often correlate with the official jobs numbers, they’re looked to as an indicator of hiring and wage growth activity.
And in recent months, that trajectory hasn’t been great.
Private employers have shed jobs in four of the past six months, ADP data shows.
The net loss of 32,000 reported for November is the largest monthly drop in two and a half years.