Private Sector Adds 146,000 Jobs, Missing Forecasts

U.S. employment boom leaves factory workers behind

Private employers added 146,000 new workers in November, falling short of economists' expectations of 157,000 gains, as per consensus estimates. This figure represents a notable decrease from October's revised data, which showed employers hiring 184,000 new workers.

According to a statement released Wednesday morning by a chief economist, while the overall growth for the month was considered healthy, the performance across industries was mixed. The economist highlighted that the manufacturing sector experienced its weakest performance since spring, shedding 26,000 jobs last month.

November's job gains fell short of economists' expectations.

Private employers added 146,000 new workers in November.

Manufacturing sector lost 26,000 jobs, its weakest performance since spring.

The report's findings are likely to influence the Federal Reserve's decision-making, potentially leading to further interest rate cuts at its upcoming meeting as part of efforts to bolster the labor market.

Some analysts view this report as a reliable indicator of the official jobs report, emphasizing its significance in understanding the current state of the labor market.