U.S. companies shed payrolls in November by the most since early 2023, adding to concerns about a more pronounced weakening in the labor market.

Private-sector payrolls decreased by 32,000, according to ADP Research data released Wednesday. Payrolls have now fallen four times in the last six months.

Wednesday's weak ADP report risks heightening concerns of a more rapid deterioration in the labor market ahead of the Federal Reserve's final policy meeting of the year next week. It could hold more sway than usual as one of the few up-to-date reports officials will have by then, as the shutdown delayed the government's November jobs report.

Policymakers have been divided as to whether they'll cut interest rates for a third straight meeting as they attempt to balance the slowdown in the job

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