by Bill McBride on 12/03/2014 08:15:00 AM
Wednesday, December 03, 2014
– Private sector employment increased by 208,000 jobs from October to November according to the November ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.This was below the consensus forecast for 226,000 private sector jobs added in the ADP report.
Mark Zandi, chief economist of Moody’s Analytics, said, “Steady as she goes in the job market. Monthly job gains remain consistently over 200,000. At this pace the unemployment rate will drop by half a percentage point per annum. The tightening in the job market will soon prompt acceleration in wage growth.”
The BLS report for November will be released on Friday.
Posted by Bill McBride on 12/03/2014 08:15:00 AM