US employers add 215,000 payrolls in November: ADP
Private employers in the United States added 215,000 payrolls in November, according to the ADP Institute. The figure, which exceeded the median estimate by 45,000, created jitters on Wall Street, as investors speculated whether the Federal Reserve would pare asset purchases sooner than expected.
November marked the first time this year the US economy added more than 200,000 jobs, according to ADP’s revised calculations. It was the highest reading since December 2012, when private employers added 209,000 payrolls.
Small businesses rebounded after a slow month to lead in total job creation, adding 102,000 payrolls in November. Large enterprises (those employing 500 or more workers) added 65,000, while medium-sized enterprises (those employing between 50 and 499 workers) added 48,000.
The service economy was responsible for 82 percent of new jobs, while goods producers were responsible for the rest. On an industry basis, construction and manufacturing each added 18,000 payrolls; trade, transportation and utilities added 45,000, and professional services added 38,000.
“The job market remained surprisingly resilient to the government shutdown and brinkmanship over the treasury debt limit,” said Mark Zandi of Moody’s Analytics. “Employers across all industries and company sizes looked through the political battle in Washington. If anything, job growth appears to be picking up.”
The Labor Department will release official November payroll data on Friday. Official data showed the US economy added more than 200,000 jobs last month amid the 16-day government shutdown. A repeat of that performance is likely to reignite speculation about bond tapering ahead of the Fed’s December meetings. The Federal Open Market Committee will meet for the last time this year on December 17-8 to discuss the future of record stimulus. Economists believe a bond taper ahead of the March FOMC meetings is unlikely, according to a median estimate collected by Bloomberg.
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