ADP released their employment report, showing that there were 127,000 job creations in the month of November, which was weaker than expected. This is the slowest pace of job creations since January of 2021. Declines were seen in some of the more interest rate-sensitive sectors like construction and manufacturing, while leisure and hospitality and healthcare were bright spots. ADP also reported that annual pay for job stayers increased 7.6% year over year, while changers saw an average increase of 15.1%. Nela Richardson, Chief Economist for ADP, said, “Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains. In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting, and the post-pandemic recovery is stabilizing.”