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Private Sector Employment Up Less Than Expected

iHub News
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December 06 2023 04:00AM

Private sector employment in the U.S. increased by less than expected in the month of November, payroll processor ADP revealed in a report released on Wednesday.

ADP said private sector employment rose by 103,000 jobs in November after climbing by a downwardly revised 106,000 jobs in October.

Economists had expected private sector employment to advance by 130,000 jobs compared to the addition of 113,000 jobs originally reported for the previous month.

Largely reflecting a pullback in the value of exports, the Commerce Department released a report on Wednesday showing the U.S. trade deficit widened in the month of October.

The Commerce Department said the trade deficit increased to $64.3 billion in October from a revised $61.2 billion in September.

Economists had expected the trade deficit to rise to $64.1 billion from the $61.5 billion originally reported for the previous month.

The wider trade deficit came as the value of exports slumped by 1.0 percent to $258.8 billion, while the value of imports inched up by 0.2 percent to $323.0 billion.

The Labor Department also released a report on Wednesday showing U.S. labor productivity surged by more than previously estimated in the third quarter of 2023.

The report said labor productivity shot up by 5.2 percent in the third quarter compared to the previously reported 4.7 percent jump. Economists had expected the spike in productivity to be upwardly revised to 4.9 percent.

Reflecting the upward revision to productivity, the decrease in unit labor costs in the third quarter was revised to 1.2 percent from 0.8 percent. The drop in unit labor costs was expected to be revised to 0.9 percent.

At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended December 1st.

Crude oil inventories are expected to decrease by 2.3 million barrels after rising by 1.6 million barrels in the previous week.