Private hiring on good US economy news
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