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US private hiring weakens as labour market shows cooling signs
ADP data showed a decline in US private sector jobs, reinforcing signs that higher interest rates are cooling labour market conditions.
US private sector employment declined by 32,000 jobs in November, according to ADP data, indicating moderation in labour market conditions. Economists attribute the slowdown to higher interest rates and cautious corporate hiring amid uncertain growth prospects. The data adds to evidence that tight monetary policy is gradually impacting employment trends, influencing expectations around future Federal Reserve rate decisions.