The hiring pace in the private sector of the USA slowed in December, indicating a continued decrease in demand for workers. Data released on Wednesday showed that after an increase of 0.146 million in November, the ADP employment number rose by 0.122 million in December, the lowest in four months and below market expectations. Employment growth varied across industries. The largest increases were in Education and Medical Services, construction, and Leisure and hospitality. Employment in manufacturing, natural resources and mining, and professional and Business Services decreased. The data suggests that the trend of a gradually weakening labor market in the USA will continue until the end of this year. Federal Reserve officials must balance this trend with renewed inflation concerns when deciding on the extent of interest rate cuts in 2025 and beyond. Wage growth has further cooled, with wage growth for job changers at 7.1%, while for non-changers it was 4.6%, the slowest growth rate since mid-2021.