ISTANBUL

US private payrolls fell by 32,000 in November, defying market forecasts, according to a report released Wednesday by the ADP Research Institute.

Markets had expected the figure to show a rise of 5,000 in November, following an upwardly revised 47,000 increase in October.

The ADP said in a statement Tuesday that job creation had been flat during the second half of 2025 and pay growth on a downward trend.

It said November hiring was particularly weak in manufacturing, professional and business services, information, and construction.

"Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment," ADP chief economist Nela Richardson said. "And while November's slowdown was broad-based, it was led by a pullback among small businesses."

Education and health services posted the highest gain by adding 33,000 jobs, followed by leisure and hospitality with 13,000.

They were followed by 8,000 new jobs in natural resources and mining, and 1,000 in trade, transportation, and utilities.

Meanwhile, professional and business services saw the biggest job losses with 26,000, followed by information services with 20,000 losses, and manufacturing with 18,000 decline.

The data comes as the Federal Reserve is set to meet on Dec. 9-10 to decide on a monetary policy path. In the last few months, US labor market showed signs of weakening, while inflation seemed to be tamed, mostly coming below of or matching market expectations.

According to the CME FedWatch tool, investors now see an over 89% chance of a 25 basis point rate cut for the Fed's December meeting. The policy rate currently stands at the target range of 3.75% to 4%.