This morning’s ADP National Employment Report showed the addition of 216,000 jobs to private payrolls — far more than the 169,000 jobs predicted by economists ahead of the report’s release.
“Businesses hired aggressively in November and there is little evidence that the uncertainty surrounding the presidential election dampened hiring,” said Mark Zandi, chief economist of Moody’s Analytics, which produces the report with payroll processor ADP. “In addition, because of the tightening labor market, retailers may be accelerating seasonal hiring to secure an adequate workforce to meet holiday demand, although total expected seasonal hiring may be no higher than last year’s.”
Ahu Yildirmaz, vice president and head of the ADP Research Institute, said, “…growth was seen in primarily consumer-driven industries like retail and leisure and hospitality-across all company sizes. Overall, consumers are feeling confident and are driving the strong performance we currently see in the job market.”
The service-providing sector added 228,000 jobs in November. The following industries saw job growth: trade/transportation/utilities (+69,000 jobs), professional and business services (+68,000 jobs), education and health (+43,000 jobs), leisure and hospitality (+38,000 jobs), and financial activities (+12,000 jobs).
The goods-producing sector declined by 11,000 jobs last month, with losses centered in mining (-4,000 jobs) and manufacturing (-10,000 jobs). Construction added 2,000 jobs.
Large businesses (500 or more employees) added 90,000 jobs, while medium-sized businesses (between 50 and 499 employees) added 89,000 jobs, and small businesses (fewer than 50 employees) added 37,000 jobs.
Economists surveyed by Bloomberg are predicting that Friday’s report from the Labor Department will show the addition of 180,000 jobs to public and private payrolls. Friday’s report will also provide the latest unemployment numbers and data on wage growth. The PayScale Index, which measures the change in wages for employed U.S. workers, forecasts 1 percent year-over-year wage growth for Q4 2016.
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