A discouraged worker sits in an unemployment office in San Francisco. (Photo: Reuters)
The ADP National Employment Report shows 217,000 workers were added to private sector payrolls in November, beating estimates for a 190,000 gain. October’s payrolls were revised higher by 14,000 to 196,000.
Further, small businesses with 1-49 employees added 81,000 new jobs, while “very small” (1-19) accounted for 46,000 of those positions. However, the service sector led the way again with 74,000, which represents lower-paying jobs juxtaposed with only 7,000 in the higher-paying goods-producing sector.
The ADP Small Business Report is jointly conducted by ADP (NASDAQ: ADP) and Moody’s Analytics, a subsidiary of Moody’s Corporation (NYSE: MCO). Moody’s chief analyst strangely did not release a statement this month.
