U.S. Commerce Secretary Howard Lutnick on Wednesday rejected claims that tariffs were responsible for the weak November ADP jobs report.
Private companies shed 32K jobs in November, compared with the +5K consensus and October's +47K, ADP reported earlier.
In an interview with CNBC, Lutnick pointed to the recent government shutdown and a surge in deportations as the main drags on private sector employment.
He added that small business employment will" rebalance" and "regrow." I think this is just a near term event, and you’ll see as the numbers come through.”
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