A recent report by payroll processor ADP revealed that private-sector employment in the U.S. grew in November, albeit slightly below expectations. According to the data, 146,000 jobs were added during the month, compared to a revised 184,000 jobs in October.
Economists had anticipated an increase of 165,000 jobs, with the initial October figure reported as 233,000 jobs.
ADP’s chief economist, Nela Richardson, noted that while overall job growth was robust, individual industries showed mixed performance.
The manufacturing sector experienced its steepest decline since spring, shedding 26,000 jobs. Meanwhile, employment in financial activities rose modestly by 5,000 jobs, and the leisure and hospitality sector saw a gain of 15,000 jobs.
Pay trends also saw a slight uptick. Year-over-year pay growth for job-stayers edged up to 4.8%, marking the first increase in over two years. Similarly, job-changers saw year-over-year pay gains rise to 7.2%.
The Labor Department is set to release its comprehensive monthly jobs report on Friday, covering both public and private sector employment. Projections suggest an increase of 200,000 jobs in November, significantly higher than October’s modest gain of 12,000 jobs. Economists also predict a slight rise in the unemployment rate, from 4.1% to 4.2%.
Conclusion
ADP’s November report shows private sector job growth at 146,000, slightly below expectations, with mixed performance across industries.
Manufacturing suffered the largest losses, while financial and leisure sectors saw modest gains. Pay increases for both job-stayers and job-changers signal gradual wage improvement.
The Labor Department’s upcoming report, expected to show broader employment trends, anticipates a stronger increase of 200,000 jobs.
Article Insight: RTTNews
