Data Review and Market Update 11/30/2022 Today’s economic reports concerning the labor market continue to paint a mixed picture. The ADP employment report covering the private sector showed job gains of just 127,000 in November, the slowest pace since January 2021. In addition, layoffstracker.com shows a sharp rise in layoffs in November above the rising trend during the past 6 months. However, the Job Openings and Turnover data released by the Labor Department covering October showed overall job openings of 10.33 million, which remains well above the number of job seekers today and will keep the Fed’s concerns about wage pressure and inflation in place. We anticipate that job openings will decline in the coming months, and layoff data certainly points to a growing pool of available labor. But the gap between open jobs and job seekers remains too wide at this point to change the outlook for the Fed.