Companies in the private sector added 122,000 jobs in December, payroll processing firm ADP said on Wednesday.
The figure is below economists’ estimates of 140,000 jobs and lower than the prior month’s reading of 146,000.
“The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains,” said Nela Richardson, ADP’s chief economist. “Health care stood out in the second half of the year, creating more jobs than any other sector.”
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