US private-sector jobs increased by 127,000 in November, the slowest pace since January 2021, according to the National Employment Report released today by ADP.

“Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” said Nela Richardson, chief economist at ADP. “In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting, and the post-pandemic recovery is stabilizing.”

Here are the jobs added in November:

• Goods-producing, down 86,000
  • Natural resources/mining, up 16,000
  • Construction, down 2,000
  • Manufacturing, down 100,000
• Service-providing, down 213,000
  • Trade/transportation/utilities, up 62,000
  • Information, down 25,000
  • Financial activities, down 34,000
  • Professional/business services, down 77,000
  • Education/health services, up 55,000
  • Leisure/hospitality, up 224,000
  • Other services, up 8,000

The report, produced by ADP Research Institute in collaboration with the Stanford Digital Economy Lab, details the current month's total private employment change and weekly job data from the previous month.

The jobs report uses ADP’s anonymized and aggregated payroll data of over 25 million US employees to represent the labor market. The pay measure captures the earnings of a cohort of almost 10 million employees over 12 months.