"Stocks Rise as Labor Costs Fall: Market Updates"
The US job market is showing signs of softening as new data reveals slower payroll growth, particularly in the leisure and hospitality sector. ADP reported that the US added 103,000 private payroll jobs in November, below economists' expectations. This slowdown in job creation suggests that the economy as a whole will experience more moderate hiring and wage growth in 2024. Additionally, the latest Job Openings and Labor Turnover Survey (JOLTS) report indicates a decrease in the ratio of job openings to unemployed workers, while wage growth for workers changing jobs has slowed down. Despite these signs, the stock market opened higher on Wednesday.
