Wednesday, December 04, 2019

ADP: Private Employment increased 67,000 in November

by Calculated Risk on 12/04/2019 08:20:00 AM

From ADP:

Private sector employment increased by 67,000 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.
...
“In November, the labor market showed signs of slowing,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “The goods producers still struggled; whereas, the service providers remained in positive territory driven by healthcare and professional services. Job creation slowed across all company sizes; however, the pattern remained largely the same, as small companies continued to face more pressure than their larger competitors.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is losing its shine. Manufacturers, commodity producers, and retailers are shedding jobs. Job openings are declining and if job growth slows any further unemployment will increase.”
This was below the consensus forecast for 140,000 private sector jobs added in the ADP report.

The BLS report will be released Friday, and the consensus is for 180,000 non-farm payroll jobs added in November.