In a shocking release today, ADP data showed that US private companies shed 32,000 jobs in November – far fewer than the 40,000 jobs analysts had been expecting.

This is particularly concerning, as November is typically strong with the lead-in to temporary holiday positions.

While the ADP report is not the mainstay of labor statistics, given the extended government shutdown and the administration’s lack of transparency, no substantial jobs data has been provided in months and will not be provided for another two weeks.

All these points point to a broad-sector slowdown that will likely push unemployment rates higher.

The average American household is already under strain from higher prices, and now wage earners face a deteriorating job market and a lack of employment security.

Before the shutdown, private-sector hiring was already weak due to uncertainty over tariff policies and immigration crackdowns, which led to a broader negative economic outlook.

November’s decline was the third time in four months that the US economy shed jobs.

It also marked the most significant decline since the spring of 2023.

You have to go back to the pandemic to see a time when hiring was this weak.

Many key segments of the economy reduced employment.

Over 70,000 jobs were cut from manufacturers, construction firms, information companies, and professional businesses.

So much for Trump’s promised return of manufacturing jobs.