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ADP: Private sector employment rises 217,000 in November

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ADP:  Private sector employment rises 217,000 in November

Middle market companies add 62,000.

According to payroll processing giant ADP, US private employment rose by 217,000 in November, beating analysts’ expectations of a 190,000 increase. This follows an upwardly revised 196,000 gain in October.  Middle market companies added 62,000 jobs, or 29% of the total, in November.

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.

“Job growth remains strong and steady."

Service-providing employment rose by 204,000 jobs in November, a strong increase from an upwardly revised 174,000 in October. The report indicates that professional/business services contributed 59,000 jobs, the largest increase in this sector since June of this year. Trade/transportation/utilities grew by 30,000, off from 36,000 the previous month. The 9,000 new jobs added in financial activities were below the average of the last four months which ranged from 11,000 to 13,000 per month.

"The strongest gains in the service sector since June led to greater employment growth in November,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “The increase was driven in large part by a rebound in professional/business service jobs.”

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.”

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