U.S. Private Sector Job Growth Exceeds Estimates In November
WASHINGTON (dpa-AFX) - After reporting weaker than expected job growth in the previous month, payroll processor ADP released a report on Wednesday showing that U.
S. private sector employment increased by much more than expected in the month of November.
The report said private sector employment jumped by 216,000 jobs in November following a downwardly revised increase of 119,000 jobs in October.
Economists had expected employment to climb by about 160,000 jobs compared to the addition of 147,000 jobs originally reported for the previous month.
Ahu Yildirmaz, vice president and head of the ADP Research Institute, said job growth was seen in primarily consumer-driven industries like retail, leisure and hospitality.
Employment in the service-providing sector surged up by 228,000 jobs, while the goods-producing sector lost 11,000 jobs.
The report also said employment at small business increased by 37,000 jobs, while medium and large businesses added 89,000 and 90,000 jobs, respectively.
Mark Zandi, chief economist of Moody's Analytics, said, "Businesses hired aggressively in November and there is little evidence that the uncertainty surrounding the presidential election dampened hiring."
"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," he added.
Friday morning, the Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs.
Employment is expected to increase by 170,000 jobs in November after climbing by 161,000 jobs in October. The unemployment rate is expected to hold at 4.9 percent.
Copyright RTT News/dpa-AFX