Thursday, December 06, 2018

ADP: Private Employment increased 179,000 in November

by Bill McBride on 12/06/2018 08:19:00 AM

From ADP:

Private sector employment increased by 179,000 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.
...
“Although the labor market performed well, job growth decelerated slightly,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. ”Midsized businesses added nearly 70 percent of all jobs this month. This growth points to the midsized businesses’ ability to provide stronger wages and benefits. It also suggests they could be more insulated from the global challenges large enterprises face.”

Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is strong, but has likely peaked. This month’s report is free of significant weather effects and suggests slowing underlying job creation. With very tight labor markets, and record unfilled positions, businesses will have an increasingly tough time adding to payrolls.”
This was close to the consensus forecast for 175,000 private sector jobs added in the ADP report. 

The BLS report for November will be released Friday, and the consensus is for 190,000 non-farm payroll jobs added in November.