America's private sector added fewer than half the number of jobs economists expected in November.
Only 67,000 new positions were created, according to the ADP employment report. That's compared with the 140,000 jobs economists surveyed by Refinitiv had forecast. It was the lowest number of jobs added since May, when only 46,000 positions were added, according to ADP.
This doesn't bode well for Friday's jobs report. Even though the two data points are not perfectly correlated, investors look to ADP numbers as an indicator for the Bureau of Labor Statistics' report on the employment situation.