Economy

Private-sector employers added 190000 jobs in November

Private-sector employers added 190000 jobs in November

U.S. private-sector employment growth eased in November even as the manufacturing sector added the most jobs in at least 15 years, a report by a payrolls processor showed on Wednesday.

ADP said private sector employment climbed by 190,000 jobs in November after surging up by 235,000 jobs in October.

Job growth fell to 96,000 in September when the storms disrupted the labor market.

"The job market is red hot, with broad-based job gains across industries and company sizes", Mark Zandi, chief economist at Moody's Analytics Inc.in West Chester, Pennsylvania, said in a statement. The rate could fall below 4 percent by late 2018, Zandi said, which would put it near 50-year lows. That may encourage companies to keep hiring, though employers also face the challenge of finding skilled workers as the job market tightens, with unemployment at an nearly 17-year low.

More news: Pelosi, Schumer Say Trump Has Asked for New Meeting

Big picture: Markets look to ADP's report on private-sector payrolls to provide some guidance on the Labor Department's jobs estimate, which will be released Friday and includes information on both private- and public-sector payrolls. Economists surveyed by The Wall Street Journal had expected the addition of 175,000 jobs.

Medium-sized businesses - those with between 50-499 employees - outpaced jobs growth at smaller and larger companies, hired 99,000 people last month.

"As the labor market continues to tighten and wages increase it will become increasingly hard for employers to attract and retain skilled talent", said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.


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