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November private payrolls rose by 534,000 topping expectations: ADP
Thanks, Obama!
U.S. private employers brought back more jobs than expected in November, with companies gradually filling widespread vacancies as the economic recovery moved further along.
Private payrolls grew by 534,000 in November compared to October, ADP said in its closely watched monthly report. Consensus economists were looking for private payrolls to rise by 525,000, according to Bloomberg data. Private payrolls had grown by 570,000 in October, according to ADP's revised monthly figure.
The services sector added back 424,000 payrolls last month, contributing to most of the headline gain in ADP's report. Within services, leisure and hospitality employers added another 136,000 jobs on net, with some of the industries most deeply impacted by the pandemic last year recovering further. Professional and business services employers added back 110,000 payrolls, and trade, transportation and utilities employers brought back 78,000. Within the goods-producing sector, both manufacturing and construction employers saw jobs grow by at least 50,000.
Thanks, Obama!