U.S. private sector businesses added 190K jobs in November which was in line with economists’ predictions ranging from 185K – 195K. November’s additions are down from October where 235K job additions were reported. However, this month over month drop came on the heels of only 18K employment gains in September as workers in hurricane torn areas in Texas and Florida were displaced. The surge in October stems from many of those workers returning to the workforce.
“The job market is red hot, with broad-based job gains across industries and sizes.” Said chief economist Mark Zandi of Moody’s in a statement on Wednesday. “There is a mounting threat that the job market will overheat next year.”
Economists expect Friday’s U.S. Labor Department’s more comprehensive report, including both private and public payroll data, to be in line with ADP at 200K additions.
The unemployment rate is expected to remain unchanged at 4.1%.
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