US ADP November Report Economy Adds 208,000 Jobs

U.S. private employers added jobs at a fairly brisk clip in November, suggesting a slowing global economy is having a limited impact on domestic activity.

The steady pace of hiring, however, has yet to translate into stronger wage growth. Other data on Wednesday showed sharp downward revisions to compensation in the second and third quarters, suggesting the Federal Reserve had room to maintain its low interest rate policy for a while.

The ADP National Employment Report showed private payrolls increased by 208,000 last month. While that was slightly below Wall Street’s expectations for an increase of 221,000 jobs, October’s payrolls were revised to show 3,000 more positions added than previously reported.

Private employers have now added jobs for 57 straight months at an average rate of about 186,000 per month.

“The labor market continues to make steady progress,” Ahu Yildirmaz, vice president and head of the ADP Research Institute, said on a conference call following the release of the data.

In separate report, the Labor Department said unit labor costs, the price of labor for any given unit of production, fell at a 1.0 percent rate in the third quarter. They had previously been reported to have increased at a 0.3 percent pace.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza