Private employment spikes more than expected in November
(REUTERS/Gary Cameron)
Private employment in the US grew by 216,000 payrolls in November, according to ADP Research Institute.
Economists had forecast that private payrolls increased by 170,000 in November, according to Bloomberg. The October gain was revised down to 119,000 from 147,000.
"We saw very strong job growth that has almost doubled in gains over October 2016," said Ahu Yildirmaz, vice president and head of the ADP Research Institute.
"This growth was seen in primarily consumer-driven industries like retail and, leisure and hospitality - across all company sizes. Overall, consumers are feeling confident and are driving the strong performance we currently see in the job market."
Like the government's jobs report, ADP's data showed a slowdown in the pace of employment growth in recent months. That's because fewer people are searching for jobs, with the unemployment rate at an eight-year low and labor-force participation historically low.
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