The economy shows signs of moving in a more positive fashion. Private sector employment increased by 534,000 jobs from October to November according to the November ADP® National Employment Report. The report, which is derived from ADP's actual data of those who are on a company's payroll, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
ADP found that the number of private sector jobs added between October and November exceeded an estimate from Dow Jones, which predicted 506,000 additional names on payrolls, according to CNBC.
“The labor market recovery continued to power through its challenges last month,” Nela Richardson, the chief economist at ADP, said in a statement.
She said November’s numbers represent a “modest uptick from the job pace earlier this year,” but noted that it is too early to discern the effect the new omicron variant will have on the country’s jobs recovery.
“Job gains have eclipsed 15 million since the recovery began, though 5 million jobs short of pre-pandemic levels. Service providers, which are more vulnerable to the pandemic, have dominated job gains this year. It's too early to tell if the Omicron variant could potentially slow the jobs recovery in coming months,” Richardson added.
Leisure and hospitality showed strong growth, adding 136,000 new employees to the payroll, with large employers leading the way at 277,000 new employees. The service sector as a whole added 424,00.
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