The US economy appears to be throwing on the brakes as the number of cases, hospitalizations, and deaths surges across the majority of the nation. The private sector added less than 75% of expected new payrolls - 307,000 versus 440,000, according to the ADP monthly employment report published Wednesday.

The reading also landed below the revised 404,000 reading for October.

The markets have reacted to the news, with all major indices opening lower after several records set the day before.

This report always precedes the monthly Bureau of Labor Statistics' payrolls report, which will be released Friday. Economists had been predicting the unemployment rate to fall to 6.8%, from 6.9%, and for November payroll additions to total 486,000. This ADP report puts these numbers to the question.

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