Private jobs report reveals steep decline in hirings for November

The private sector added a net 127,000 jobs in November, according to a monthly report from payroll processing firm ADP.

The group reported 239,000 jobs added in October, per CNBC. November's numbers marked the lowest since January of 2021. The ADP metric precedes that of the Labor Department by two days.

The leisure and hospitality sector lead industries for growth with 224,000 new posts while manufacturing firms, professional and business services, financial activities, information services, and goods-producing industries all posted significant losses.

Industry experts the Dow Jones polled expect the Department of Labor to show a modestly better net 200,000 jobs gain.

The economy's relatively poor November showing comes as the nation continues to battle with high inflation. Stocks rallied earlier on Wednesday after Federal Reserve Chairman Jerome Powell suggested it would continue to boost interest rates to combat rising prices, but would do so at a reduced pace.

On Tuesday, St. Louis Federal Reserve President James Bullard warned that inflation was likely to persist into 2024, but observed that low unemployment numbers gave the Fed a solid basis to continue with interest rate hikes. It has already raised interest rates six times this year.