Private Payrolls Grow Less Than Expected In November

Private payrolls in November grew by 208,o00 according to the latest report from ADP.

Expectations were for the report to show payrolls grew by 222,000 in November, down from 230,000 last month.

Last month’s gains were also revised up to 233,000.

According to Carlos Rodriguez, CEO of ADP, “Small businesses continued to drive job gains adding almost half the total for the month.”

Mark Zandi, chief economist of Moody’s Analytics said, “Steady as she goes in the job market… At this pace the unemployment rate will drop by half a percentage point per annum. The tightening in the job market will soon prompt acceleration in wage growth.”

This chart from ADP shows the changes in gains for the report over the last year.

And here are the job gains by company size in November.

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