MNI BRIEF: ADP Jobs Losses Strengthen Case For Fed Cut

U.S. private employers cut 32,000 jobs in November, well below expectations for a gain of just 10K, according to new data from ADP Wednesday that bolsters the prospect of another Federal Reserve interest rate cut next week. 

Hiring was especially soft in professional and business services, information, manufacturing, and construction, according to the report, which has grown in importance for Fed policymakers in the absence of official government data in the wake of the shutdown. Small businesses led the decline, losing 120,000 jobs in November, while midsized and large firms gained 90,000 jobs. Wages for job-stayers grew 4.4% while those for job changers rose 6.3%. (See: MNI INTERVIEW: Fed's Risk Management Cuts Not Enough-Revelio)