Pri­vate hir­ing on good US econ­omy news

The Pak Banker - - International3 -

WASHINGTON: Pri­vate em­ploy­ers prob­a­bly revved up hir­ing in Novem­ber as signs grow that the econ­omy is gain­ing mo­men­tum. Yet, few ex­pect a change in the 9.6 per­cent un­em­ploy­ment rate.

Af­ter a sharp slow­down in the spring and a tepid re­bound in the sum­mer and fall, the econ­omy is flash­ing signs of stronger growth in the fi­nal months of the year. That was ev­i­dent in eco­nomic re­ports out ear­lier this week.

Fac­to­ries are pro­duc­ing more. Auto sales are ris­ing. A pri­vate re­port ear­lier this week showed the strong­est pri­vate­sec­tor job gains in three years. And ap­pli­ca­tions for ini­tial un­em­ploy­ment ben­e­fits hit a two-year low in Novem­ber.

All that is mak­ing some econ­o­mists more op­ti­mistic about Fri­day's re­port on Novem­ber em­ploy­ment.

Nigel Gault, chief U.S. econ­o­mist at IHS Global In­sight, pre­dicts that pri­vate com­pa­nies added a net to­tal of 180,000 jobs last month - a bump-up from his ear­lier fore­cast of 160,000 new jobs. In Oc­to­ber, pri­vate com­pa­nies added a net 159,000 jobs. That marked a spurt of job cre­ation af­ter hir­ing had all but stalled pretty much all sum­mer. -Ap

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