12.2.22
ADP’s monthly payroll report, released November 30, tallied a 127,000 net increase in new positions in private payrolls, far less than economists had projected (190,000), although the Leisure and Hospitality sector still saw a strong increase of 224,000 jobs. ADP Chief Economist Nela Richardson stated that, “Turning points can be hard to capture in the labor market, but our data suggests that Federal Reserve tightening is having an impact on job creation and pay gains.” Cooling the overheated labor market has been part of the Fed’s focus as it attempts to slow inflation.