ABA Banking Journal
The non-farm private sector exceeded expectations by adding 216,000 jobs in November, according to the ADP National Employment Report. October’s figure was revised downward to 119,000. Service-providing jobs accounted for all of the month’s growth, while goods-producing employment fell during the month.
“This month’s jobs report is a clear sign that the economy is picking up steam as it continues to strengthen,” said Jim Chessen, ABA Chief Economist. “It’s a foregone conclusion that the Fed will move with such a strong job market.”
Growth was widespread in November with businesses of all sizes seeing increases. Small businesses with fewer than 50 employees added 37,000 jobs, while medium-sized businesses with 50-499 employees added 89,000 jobs. Large businesses added 90,000 jobs.
“For the month of November 2016 we saw very strong job growth that has almost doubled in gains over October 2016,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute. “This growth was seen in primarily consumer-driven industries like retail and, leisure and hospitality – across all company sizes. Overall, consumers are feeling confident and are driving the strong performance we currently see in the job market.”
Service-providing employment rose by 228,000 jobs, which was driven by the professional and business services sector which added 68,000 jobs. Health care and social assistance jobs also increased, adding 25,000 jobs. In contrast, goods-producing employment fell by 11,000 jobs. The manufacturing industry led the decline, shedding 10,000 jobs.
Read the ADP report.
