ADP Adds to Post-Election Slowdown Indicated in Major Labor Market Indicators
Roseland, N.J. (PPD) — Total private sector employment rose 307,000 in November, a post-election slowdown that missed the forecast for the ADP National Employment Report. Forecasts ranged from a low of 350,000 to a high of 550,000. The consensus forecast was 420,000.
The goods-producing sector added 31,000 private sector jobs after adding an initially reported 196,000 the month prior. Construction added 22,000 after 60,000, manufacturing added just 8,000 after 130,000 and natural resources/mining added 1,000 after 7,000.
“While November saw employment gains, the pace continues to slow,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Job growth remained positive across all industries and sizes.”
The total number of private sector jobs added in October was revised from 365,000 to 404,000.
The data for this report are collected for pay periods that can be interpolated to include the week of the 12 of each month. The ADP National Employment Report for December will be released at 8:15 a.m. ET on January 6, 2021.