Tim Pearce, DCNF
The U.S. private sector workforce grew by roughly 190,000 jobs in November, meeting economists’ anticipations for the month, Reuters reports.
The unemployment rate is predicted to stay at level with October at 4.1 percent. November’s job growth is down from October’s, however, when 252,000 jobs were added, according to Reuters.
The jobs report recently released by ADP Research showed the greatest amount of growth in mid-sized businesses, classified as having 50 to 499 employees. Mid-sized businesses were responsible for more than half the entire job growth at 99,000 jobs.
Moody’s Analytics joined with ADP to create the report.
“The job market is red hot, with broad-based job gains across industries and company sizes,” Moody’s Analytics chief economist Mark Zandi said in a statement. “The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example. There is a mounting threat that the job market will overheat next year.”
Small business, one to 49 employees, created around 50,000 jobs. Large businesses with more than 500 employees created 41,000 jobs, according to ADP’s report.
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