(Bloomberg) -- Companies in November added the most workers to U.S. payrolls since June, data from the ADP Research Institute in Roseland, New Jersey, showed Wednesday.
Key Points
- Private payrolls climbed by 216,000 (forecast was 170,000) after a 119,000 gain in October that was revised down from 147,000
- Goods-producing industries, which include manufacturers and builders, reduced headcounts by 11,000 after a 20,000 decrease
- Service providers boosted payrolls by 228,000 after a 138,000 increase
Big Picture
Hiring managers' need for more workers is helping to sustain the job-market progress that Federal Reserve officials have noted ahead of their December meeting, at which they're expected to raise interest rates for the first time in a year. The ADP report may also help bolster economists' forecasts for private payrolls before Friday's release of November employment data from the Labor Department.
Economist Takeaways
“There is little evidence that the uncertainty surrounding the presidential election dampened hiring,” Mark Zandi, chief economist at Moody's Analytics Inc. in West Chester, Pennsylvania, said in a statement. Moody's produces the figures with ADP.
The Details
- Hiring in construction rose by 2,000, after a drop of 16,000
- Factories subtracted 10,000 workers, the fourth decline in five months
- Companies employing 500 or more workers increased staffing by 90,000 jobs; payrolls climbed by 89,000 at medium-sized businesses, or those with 50 to 499 employees; while small companies' payrolls rose by 37,000
- Trade, transportation and utilities companies boosted payrolls by 69,000, the most this year
To contact the reporter on this story: Shobhana Chandra in Washington at schandra1@bloomberg.net. To contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Brendan Murray
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
