The pace of monthly employment growth among U.S. private businesses decelerated in November and slightly missed economist expectations.

Private employers added 146,000 new payrolls in November, down from the downwardly revised 184,000 in October and slightly below the expected 150,000, as reported by Automatic Data Processing Inc. on Wednesday.

"Strong hiring at large employers led this month’s growth, yet industry performance was mixed" according to the November’s ADP National Employment Report.

"Manufacturing was the weakest we’ve seen since spring. Financial services and leisure and hospitality were also soft." Nela Richardson, chief economist at ADP, added.

The ADP National Employment Report sets the stage for the highly anticipated non-farm payrolls data from the Bureau of Labor Statistics on Friday, where economists forecast a significant employment jump from October’s 12,000 to 200,000.

ADP Employment Report For November: Key Highlights

In November, goods-producing industries saw an increase of only 6,000 jobs.

Manufacturing lost 26,000 payrolls, while construction added 30,000 jobs.

Service-providing industries experienced a more robust employment growth, adding 140,000 jobs.

Education and health services led with 50,000 new payrolls; trade, transportation, and utilities added 28,000.

Employment in leisure and hospitality grew by 15,000, while information and financial services activities witnessed weak growth, up by 4,000 and 5,000, respectively.

Salary growth for job stayers rose to 4.8% year-over-year, marking the first increase in 25 months. For job changers, pay gains rose to 7.2%

Market Reactions

The U.S. dollar gained ground on Wednesday, with the U.S. dollar index – as tracked by the Invesco DB USD Index Bullish Fund ETF – up 0.3% on the day.

Yields on longer-dated Treasuries surged, with the 10-year yield rising by 5 basis points to 4.27%.

Equity futures were up during the premarket trading in New York. Contracts on the S&P 500 rose 0.3%, while those on the Nasdaq 100 and the Dow Jones were up 0.7% and 0.4%, respectively.

On Tuesday, the SPDR S&P 500 ETF Trust ( SPY ) closed at $604.16, setting a record-high closing price.

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