ADP reported today that private sector employment increased by 217,000 in November, higher than the 173,000 forecast from briefing.com., showing the U.S. private sector jobs market is on solid ground as central bankers at the U.S. Federal Reserve consider raising interest rates at their next Fed meeting in mid-December.
“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” said Mark Zandi, chief economist at Moody Analytics in a press release statement.
Service providing employment rose by 204,000 jobs in November, a steady increase from an upwardly revised 174,000 in October.
Professional/business services added 59,000 jobs in November, the largest increase since June.
Companies with 500-999 added 57,000 jobs, the largest gain for this segment in the history of the ADP National employment report.
Companies with over 1,000 jobs gained 17,000 jobs.
Employment with companies between 50-499 employees increased by 62,000, slightly lower than 67,000 in the previous month.
Employment at large companies- 500 or more- came in 74,000 which is double the upwardly revised 37,000 in October.
On Friday morning the U.S. Labor Dept. will release the non-farm payroll report for November which is a closely watched employment report for investors.
Economists from briefing.com forecast 208,000 non-farm jobs added to the economy in November while the unemployment rate is expected to move up slightly to 5.1 percent from 5.0 percent.