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ADP: Jobs growth in November misses mark

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ADP: Jobs growth in November misses mark

Middle market creates 65,000 jobs; 208,000 jobs created during the month overall.

Private sector employment increased by 208,000 jobs from October to November, according to payroll processing giant ADP. Middle market companies hired 65,000 new workers, which comprised 31% of the total.

Analysts had expected an increase of 221,000 overall.

“Steady as she goes in the job market."

Goods-producing employment rose by 32,000 jobs in November, down from 46,000 jobs gained in October. The construction industry added 17,000 jobs over the month, well below last month’s gain of 27,000. Meanwhile, manufacturing added 11,000 jobs in November, down slightly from October’s 13,000.

Service-providing employment rose by 176,000 jobs in November, down from 187,000 in October. The report indicates that professional/business services contributed 37,000 jobs in November. Expansion in trade/transportation/utilities grew by 49,000, just above October’s 48,000.

The 5,000 new jobs added in financial activities was below last month’s 6,000.

"November continued to show solid job growth above 200,000,” said Carlos Rodriguez, president and chief executive officer of ADP. “Small businesses continued to drive job gains adding almost half the total for the month.”

Mark Zandi, chief economist of Moody’s Analytics, said, “Steady as she goes in the job market. Monthly job gains remain consistently over 200,000. At this pace the unemployment rate will drop by half a percentage point per annum. The tightening in the job market will soon prompt acceleration in wage growth.”

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