Private Sector Adds 93,000 Jobs as Market Improves: ADP

By: CNBC.com via Builderonline.com

The economy created 93,000 private sector jobs in November, pointing to the first signs of a turnaround in the labor market, according to the latest report from ADP and Macroeconomic Advisors.

Job creation came primarily from the service sector, which rose by 79,000, gaining for the 10th month in a row. Goods producers added 14,000, while manufacturing lost 16,000.

The ADP report reflected
the biggest rise since November 2007, after an upwardly revised gain of 82,000 the month before. The October figure was originally reported as a gain of 43,000.

The median of estimates from 36 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers, was for a rise of 69,000 private-sector jobs in November.

The ADP figures come ahead of the government’s much more comprehensive labor market report on Friday, which includes both public and private sector employment.

That report is expected to show a rise in overall nonfarm payrolls of 140,000 last month, based on a Reuters poll of analysts, with a gain in private payrolls of 153,000.

A separate report showed that planned job cuts for November were 28 percent higher than those reported for October, bringing the pace of downsizing to its highest level in eight months, a report by global outplacement consultancy Challenger, Gray & Christmas showed Wednesday.

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