U.S. private sector job growth exceeds expectations in Nov - ADP

According to the ADP National Employment report released on Wednesday, U.S. private sector job growth exceeds expectations in November after reporting weaker than expected job growth in the previous month.

ADP report showed that private sector employment in U.S. jumped by 216,000 jobs in November following a downwardly revised increase of 119,000 jobs in October. The data beat economists’ expectations for rise by about 160,000 jobs.

Details of the report showed job growth was seen in primarily consumer-driven industries like retail, leisure and hospitality. Employment in the service-providing sector surged up by 228,000 jobs, while the goods-producing sector lost 11,000 jobs. Employment at small business increased by 37,000 jobs, while that at medium and large businesses rose 89,000 and 90,000 jobs respectively.

The U.S. Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs on Friday. Improved ADP’s November employment change results bolster hopes of an impressive Non-Farm Payroll report on Friday.

Mark Zandi, chief economist of Moody's Analytics, said, "Businesses hired aggressively in November and there is little evidence that the uncertainty surrounding the presidential election dampened hiring."

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