November private sector job growth fell sharply, mostly due to loss in manufacturing sector
ADP: Private sector employment fell sharply to 67,000 new jobs in November, due mostly to a decline of 18,000 jobs in the manufacturing sector. This overall growth rate compares with 121,000 in October and 136,000 in November 2018.
November manufacturing sector index slips 0.2 points to 48.1
ISM’s Manufacturing Index PMI registered 48.1 percent in November, a decrease of 0.2 percentage point from the October reading of 48.3 percent (anything below 50 is a contraction). November was the fourth consecutive month of PMI® contraction, at a faster rate compared to the prior month. Global trade remains the most significant cross-industry issue.
November service sector index declines 0.8 points to 53.9
The NMI® registered 53.9 percent, which is 0.8 percentage points lower than the October reading of 54.7 percent, but still in growth mode. The respondents hope for a resolution on tariffs and continue to be hampered by constraints in labor resources.