ADP Signals Modest Slowdown In Job Gains In November, Despite ‘Easiest Labor Market Ever’

The recent pace of acceleration in job gains was expected to slow modestly in November and it did (but beat expectations). ADP reports a 534k job addition in November (better than the 525k expected) but slightly down from the 570k in October.

Large companies were the primary source of additional hires (but all sizes added jobs) and the Services sector once again dominated job additions…

Leisure and Hospitality led the charge (but all sectors saw job adds)…

Both the Services and Goods sector did see a little slip in the job gains over October…

Finally, it is worth noting that it has never – in the history of the Conference Board sentiment survey – been ‘easier’ to find a job….

So, what the hell is going on?