Companies in the private sector added 146,000 jobs in November, according to payroll processing firm ADP. This figure is below economists’ estimates of 150,000 jobs and lower than the prior month’s revised reading of 184,000. While overall growth for the month was healthy, industry performance was mixed, with manufacturing being the weakest since spring. Financial services and leisure and hospitality were also soft.
The education and health services sector added 50,000 positions, leading job creation in November. Construction added 30,000 jobs, trade, transportation, and utilities contributed 28,000, and other services added 20,000. The only sector to report losses was manufacturing, which saw a decline of 26,000.
Large businesses with 500 or more employees added 120,000 jobs in the month, while businesses with 50 to 499 employees hired 42,000 workers. Establishments with fewer than 50 employees lost 17,000 jobs.
Wage growth in November edged higher to 4.8% on an annual basis, the first increase in 25 months, ADP said.
