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US adds 217,000 jobs in November, ADP reports

December 02, 2015

US private sector employment rose by 217,000 jobs in November from October, according to the ADP national employment report produced by Automatic Data Processing Inc. (NASD: ADP) in collaboration with Moody’s Analytics. November’s jobs gain is an increase from October’s 196,000 additions — an upward revision from a previously reported increase of 182,000 jobs.

The service sector led the growth in November. The sector reported its strongest gains since June, driven in large part by a rebound in professional/business service jobs.

“Job growth remains strong and steady,” said 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.”

The jobs gain exceeded the highest projection of economists surveyed by Bloomberg. The median forecast in the Bloomberg survey called for a 190,000 increase, with estimates ranging from 150,000 to 210,000.

Large businesses added 74,000 jobs in November, double the upwardly revised 37,000 jobs added in October. Businesses with more than 1,000 employees added 17,000 jobs, while businesses with 500 to 999 employees added 57,000 jobs.

Small businesses added 81,000 jobs in November, and midsize businesses added 62,000 jobs, according to the report.

By sector, the service-providing sector added 204,000 jobs, a strong increase from an upwardly revised 174,000 in October. Professional/business services contributed 59,000 jobs in November, the largest increase in this sector since June. Trade/transportation/utilities grew by 30,000, down from 36,000 in the previous month. The 9,000 new jobs added in financial activities fell below the average of the last four months, which ranged from 11,000 to 13,000 per month.

The goods-producing sector gained 13,000 jobs in November, down from 22,000 in October.