The Globe and Mail reports in its Thursday, Dec. 4, edition that U.S. private payrolls experienced their largest decline in over 2-1/2 years in November as small businesses cut jobs, but this weakness probably does not truly reflect the labour market's health, given recent government data showing still-low layoffs. A Reuters dispatch to The Globe reports that economists warned against over-interpreting the unexpected decline in the ADP employment report, noting it has diverged from the government's payroll count by the U.S. Bureau of Labor Statistics. Some economists noted that employment measures from various sources indicate labour market softness, but not the decline suggested by ADP data. Private employment fell by 32,000 jobs last month, the biggest drop since March 2023, after a revised increase of 47,000 in October, according to the ADP report. Economists had predicted a rise of 10,000 jobs following the previous rebound of 42,000 in October. Small businesses lost 120,000 jobs last month due to tariffs raising costs, while medium enterprises gained 51,000 jobs and large businesses added 39,000.