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( NewsNation ) — Private employers unexpectedly shed 32,000 jobs in November, with small businesses leading the pullback.

It was the biggest drop in private payrolls since early 2023 and the fourth contraction in six months, according to payroll processor ADP . Economists had expected gains: The Wall Street Journal’s survey of analysts predicted a 40,000 increase, while Bloomberg’s forecasted a 10,000 rise.

Small businesses were the weak spot. Companies with less than 50 employees shed 120,000 jobs last month, the largest decline since May 2020 — offsetting gains at mid-sized (+51,000) and large companies (+39,000).

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