Small businesses cut 120,000 jobs in November, ADP says

Private employers in the U.S. shed 32,000 jobs in November, payroll processor ADP said Wednesday.

Private employers in the U.S. shed 32,000 jobs in November, payroll processor ADP said Wednesday. Economists surveyed by Dow Jones had been expecting to see an increase of 40,000.

ADP chief economist Nela Richardson described November's jobs data as a "slowdown" that was "broad-based."

The drop was "led by a pullback among small businesses," said Richardson.

Small firms with fewer than 50 employees led the contraction by far, shedding 120,000 jobs.

The pace of hiring also slowed at medium and large-sized businesses, although these firms still added a net number of positions.