The private sector added workers at a slower pace last
month, according to an employment survey released Wednesday. Private payrolls
in the U.S. increased by 208,000 jobs in November, said a national employment
report compiled by payroll processor Automatic Data Processing Inc.
(ADP) and forecasting firm Moody’s Analytics.
Economists surveyed by The Wall Street Journal projected ADP
to report a stronger November advance of 223,000 new private-sector jobs. The
October increase was revised to 233,000 from 230,000. The ADP estimate of
208,000 was mentioned on Twitter a few minutes before the scheduled 8:15 a.m.
release time. In a press call, ADP said it had “no knowledge” that the number
had been released early.
Although a reading over 200,000 would have been considered
strong a year ago, the latest ADP gain is a disappointment and is the lowest
number of hires since August. The report is issued ahead of the Labor
Department’s employment report scheduled for Friday. Economists think the
department will report that November nonfarm payrolls, including government
positions, increased by 230,000 new positions, a bit better than the 214,000
jobs created in October. The November unemployment rate is expected to hold at
Economists are unlikely to change their forecasts after
seeing the ADP number. Ahu Yildirmaz, an economist at ADP, said small
businesses are hiring because they have better access to credit and are seeing
Medium-size businesses with payrolls of 50-499 workers
increased payrolls by 65,000. Large firms—businesses with 500 or more
employees—hired just 42,000 more workers. Service-sector payrolls increased by
176,000 workers in October. Manufacturing added 11,000 jobs. Construction
payrolls increased by 17,000.
here to access the full article on The Wall Street Journal.