Two reports on Wednesday painted a portrait of a cautious and fracturing US labor market.
Government data showed hiring slowed in November and the number of available jobs fell to a more than one-year low, while layoffs slowed — suggesting employers aren’t eager to make dramatic changes to their headcount. And a report from ADP found white-collar jobs were hit especially hard last month, including professional and business services and the information sector.
The US Federal Reserve cut interest rates last year to help shore up the job market; the central bank is likely to hold rates steady this month if a key monthly report on Friday shows the labor market is “bending but not breaking,” one economist wrote.
