Private sector job growth cools more than expected in November: ADP

Hiring by U.S. companies unexpectedly cooled in November, the latest sign that the labor market is softening in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning.

Companies added 103,000 jobs last month, below the 130,000 gain that economists surveyed by Refinitiv predicted and slightly lower than the revised 106,000 increase recorded in October.

This is a developing story. Please check back for updates.