According to the ADP National Employment Report, the non-farm private sector added 217,000 jobs in November, up from 196,000 in October. The majority of November’s jobs were created within the services sector, which saw the strongest gains since June.
“Job growth remains strong and steady,” said Mark Zandi, chief economist of Moody’s Analytics. “The current pace of job creation is twice that is 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.”
Small businesses, businesses with less than 50 employees, added 81,000 jobs in November, compared to 91,000 added in the previous month. Medium-sized businesses with 50-499 employees, added 62,000 jobs, down from 67,000 added in October. Large businesses added 74,000 jobs, up sharply from the 37,000 added in October.
Goods-producing employment rose by only 13,000 jobs, down from 22,000 in October. Construction jobs grew by 16,000, half of October’s rate. Manufacturing jobs increased by 6,000, up from the decline of 2,000 jobs in October.
Service-providing jobs increased by 204,000, in large part due to expansion in the professional and business services sector, which added 59,000 jobs in November, up from 19,000 in October. The trade transportation and utilities sector also expanded, adding 30,000 jobs in November.
Read the ADP release.
