U.S. companies hired only 67,000 new workers in November, according to a monthly survey. That number was a big drop from the month before and way below Wall Street expectations
WASHINGTON - U.S. services sector activity slowed in November as lingering concerns about trade tensions and worker shortages pushed production to its lowest level in a decade, which could heighten fears about the economy’s health.
The Institute for Supply Management said its non-manufacturing activity index fell to a reading of 53.9 last month from 54.7 in October. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity. The dollar fell against a basket of currencies, while U.S. Treasury yields rose. Stocks on Wall Street were trading higher.The ISM said services industry businesses “hope for a resolution on tariffs and continue to be hampered by constraints in labor resources.” It said 12 industries, including retail trade, utilities and information, reported growth last month. Five industries, including agriculture, mining and construction reported a contraction.
Data for October was revised down to show private payrolls increasing 121,000 from an originally reported 125,000 gain.The ADP figures come ahead of the Labor Department’s more comprehensive nonfarm payrolls report due out on Friday, which includes both public- and private-sector employment. Job gains have averaged 167,000 per month this year, above the roughly 100,000 needed each month to keep up with growth in the working age population.
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