ADP National Employment Report (12/02/15)
Private sector employment increased by 217,000 jobs from October to November, according to Automatic Data Processing. Goods-producing employment rose by 13,000 jobs in November, down from 22,000 the previous month. The construction industry added 16,000 jobs after gaining over 30,000 in each of the two previous months. Meanwhile, manufacturing rebounded from two straight months of shedding jobs to add 6,000 in November. Service-providing employment rose by 204,000 jobs in November, a strong increase from an upwardly revised 174,000 in October.
“Job growth remains strong and steady,” says Mark Zandi, chief economist of Moody’s Analytics. “The current pace of job creation is twice that needed to absorb growth in the working age population. The economy is fast approaching full employment and will be there no later than next summer.”