Hiring at private U.S. employers rose more than expected, according to a recent report, showing that the economy continues to grow.
Firms across the country added 190,000 workers to their ranks in November, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics. Economists surveyed by The Wall Street Journal had expected the addition of 175,000 jobs.
The ADP report is based on private-payroll data in addition to government data.
“The job market is red hot, with broad-based job gains across industries and company sizes,” said Mark Zandi, chief economist of Moody’s Analytics. “The only soft spots are in industries being disrupted by technology.”
Growth was driven by midsize companies, but small and large companies also showed growth.
The October total wasn’t revised.
The ADP report comes ahead of the monthly jobs report from the U.S. Bureau of Labor Statistics on Friday. The BLS report is expected to show gains in employment. Economists expect nonfarm jobs to rise by 195,000 for November.
Source: Dow Jones