U.S. labor market slowed in November, with private companies cutting 32,000 jobs

According to ChainCatcher, citing Jinshi reports, the slowdown in the US labor market intensified in November. The ADP (Automatic Data Processing) report showed that private companies cut 32,000 jobs during the month, with small businesses being hit the hardest. ADP data indicated that the job market in November deteriorated sharply compared to October, with October’s revised data showing an increase of 47,000 jobs, which is much lower than the 40,000 increase predicted by economists surveyed by Dow Jones. This report is the last employment data available to the Federal Reserve before its December interest rate decision. Futures traders believe there is nearly a 90% probability that the Fed will cut its key interest rate by another 25 basis points.