The U.S. economy added more than 500,000 new private-sector jobs last month as hiring continues to increase into the holiday shopping period amid an improving growth outlook.
- Payroll processing group ADP stated private sector jobs expanded by 534,000 in November, just topping the Wall Street consensus forecast of 506,000.
- Nela Richardson, chief economist, ADP, stated that the labor market recovery continued to progress through its challenges last month.
- Richardson further stated that November’s job increase brought the three-month average to 543,000 monthly, a moderate gain from the job rate earlier this year.
Service providers have dominated job increase in 2021. Meanwhile, it is too early to determine whether the Omicron variant could slow the jobs recovery in the upcoming months.
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Source: ADP
