KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96. The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
Private-sector hiring decelerated in November as the manufacturing sector struggled, according to the latest ADP National Employment Report released Wednesday. The report also noted accelerating wage growth for the first time in more than two years, a trend that could influence Federal Reserve policy.
Job Growth Slows
The private sector added 146,000 jobs in November, down from a revised 184,000 in October. The figure fell short of economists' expectations of 163,000 new jobs, as polled by The Wall Street Journal.
"While overall growth for the month was healthy, industry performance was mixed," said ADP Chief Economist Nela Richardson. She highlighted manufacturing as particularly weak, alongside softness in financial services and leisure and hospitality.
Employment by Company Size and Region
- Large Firms (500+ Employees): Led job growth, adding the most positions.
- Small Firms (<50 Employees): Lost jobs overall.
- Regional Gains:
- South: Recorded the highest job growth.
- Northeast, Midwest, and West: Followed in that order.
Wage Growth Picks Up
Annual pay increases for job-stayers rose 4.8%, the first acceleration in 25 months. Pay for job-changers climbed even higher, by 7.2% year-on-year.
These wage trends could raise concerns for Federal Reserve policymakers, who cut interest rates in November. Faster pay growth may fuel inflationary pressures, complicating efforts to stabilize prices.
Outlook for Broader Labor Data
The ADP report precedes the Labor Department's closely watched employment report, due Friday. Economists expect the U.S. economy to have added 214,000 new jobs in November, with these figures potentially shaping monetary policy decisions moving forward.
While private-sector hiring remains positive, the mixed industry performance and wage pressures suggest a complex outlook for the labor market as 2024 draws to a close.
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