Los Angeles Times

ADP says private companies added 216,000 jobs


Companies in the U.S. added a solid 216,000 jobs in November, the most since June and evidence that the incoming Trump administra­tion is inheriting a solid economy.

Payroll provider ADP said Wednesday that nearly all the gains occurred in service sectors such as retail, hotels and restaurant­s, as well as higher-paying profession­al services. Constructi­on firms added 2,000 jobs, while manufactur­ing shed 10,000.

The figures add to other recent signs that the economy is expanding at a decent pace. Growth reached 3.2% at an annual pace in the July-September quarter, the government said Tuesday, much higher than the 1.1% rate in the first half of the year.

Americans bought homes at the fastest pace in a decade in October and consumer confidence is at a nine-year high.

By one measure, home prices nationwide have finally surpassed their bubble-era peaks, boosting household wealth. And there are signs wages are picking up after years of sluggish growth.

“Overall, consumers are feeling confident and are driving the strong performanc­e we currently see in the job market,” said Ahu Yildirmaz, head of the ADP Research Institute.

Mark Zandi, chief economist at Moody's Analytics, said retail hiring for the winter holiday shopping season was especially strong, even after seasonal adjustment­s intended to offset those effects. That suggests retailers may be ramping up their temporary hiring efforts earlier to ensure they can find enough workers, he said.

The ADP data cover only private businesses and often diverge from official figures. Economists forecast that the government's jobs report, to be released Friday, will show a gain of 174,000 jobs, according to data provider FactSet.

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