ADP released the latest “small non-agricultural” employment report on Wednesday (1st). The private sector employment in the United States increased by 534,000 in November, slightly lower than October’s performance, but better than market expectations.
The report shows that the number of new jobs in the private sector in November was slightly lower than the 570,000 in October, but higher than the 506,000 expected by the market.
Broadly speaking, a total of 424,000 new jobs were created in the service industry, of which 136,000 were added in leisure and tourism, 110,000 in professional and business services, 78,000 in trade, transportation and public utilities, and education and health services. An increase of 55,000.
On the other hand, commodity production added 110,000 jobs, construction and manufacturing industries added 52,000 and 50,000, and natural resources and mining added 7,000.
In terms of business size, large enterprises with more than 500 employees added 277,000 jobs in November, medium-sized enterprises added 142,000 jobs, and small enterprises with less than 49 employees added 115,000 jobs.
ADP chief economist Nela Richardson said that the labor market continued to recover last month, and the service industry, which was most severely affected by the epidemic, contributed a lot to boosting employment recovery this year.
Faced with the threat of Omicron, Richardson believes that it is too early to judge whether the new variant will affect the employment recovery in the next few months.
The US Department of Labor will release the official non-agricultural employment report this Friday (3rd). The market predicts that non-agricultural employment will increase by 573,000 in November, up from 531,000 in October, and the unemployment rate is estimated to drop to 4.5%.