The U.S. economy added 190,000 private sector jobs in November, according to private-sector payroll processor ADP which comes ahead of Friday’s closely watched non-farm payroll report for the same month.
Both employment reports will be watched closely by policymakers at the U.S. Federal Reserve that will meet next week in Washington D.C. and decide whether or not another rate hike is needed in 2017.
“The labor market continues to grow at a solid pace,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute in a released statement.
“Notably, manufacturing added the most jobs the industry has seen all year. As the labor market continues to tighten and wages increase it will become increasingly difficult for employers to attract and retain skilled talent” Yildirmaz added.
Mark Zandi, chief economist at Moody Analytics, spoke positively about the “red-hot” job market in a released statement but also cautioned about the mounting threat of the job market overheating next year if the pace continues.
“The job market is red hot, with broad-based job gains across industries and company sizes. The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example. There is a mounting threat that the job market will overheat next year” Zandi said.
President Trump Expected To Recognize Jerusalem As Capital Of Israel
Despite facing opposition from several Arab countries and France, President Trump is expected today that the U.S. will recognize Jerusalem as the capital of Israel.
White House Press Secretary Sarah Sanders said yesterday in a press briefing that “a number of things have been looked at that have been weighed into the President’s decision.”
President Trump will also order the re-location of the U.S. embassy to Jerusalem from Tel Aviv.
Yesterday, President Trump made his decision to recognize Jerusalem as the capital known during a conversation with Prime Minister Benjamin Netanyahu of Israel, President Mahmoud of the Palestinian Authority, His Majesty King Abdullah II of Jordan, President Abdel Fattah Al Sisi of Egypt, and His Majesty King Salman Bin Abdulaziz of Saudi Arabia.
In a readout of President Trump’s calls yesterday with Middle East leaders, it was reported that the leaders discussed the President’s commitment to advancing the Israeli- Palestinian peace talks and the importance of supporting those talks.
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