by Bill McBride on 12/02/2015 08:20:00 AM
Wednesday, December 02, 2015
Private sector employment increased by 217,000 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 above the consensus forecast for 183,000 private sector jobs added in the ADP report.
Goods-producing employment rose by 13,000 jobs in November, down from 22,000 the previous month. The construction industry added 16,000 jobs after gaining over 30,000 in each of the two previous months. Meanwhile, manufacturing rebounded from two straight months of shedding jobs to add 6,000 in November.
Service-providing employment rose by 204,000 jobs in November, a strong increase from an upwardly revised 174,000 in October. ...
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth remains strong and steady. The current pace of job creation is twice that needed to absorb growth in the working age population. The economy is fast approaching full employment and will be there no later than next summer.”
The BLS report for November will be released Friday, and the consensus is for 190,000 non-farm payroll jobs added in November.
Posted by Bill McBride on 12/02/2015 08:20:00 AM