Investing.com – U.S. private employers added jobs in November, below economists’ expectations, a report by a payrolls processor ADP showed on Thursday.
Economists had expected the ADP (NASDAQ:) nonfarm payrolls report to show a gain of 196,000 jobs after adding 225,000 jobs in the previous month.
“Although the labor market performed well, job growth decelerated slightly,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
”Midsized businesses added nearly 70 percent of all jobs this month. This growth points to the midsized businesses’ ability to provide stronger wages and benefits. It also suggests they could be more insulated from the global challenges large enterprises face.”
Mark Zandi, chief economist of Moody’s Analytics, said job “growth is strong, but has likely peaked. This month’s report is free of significant weather effects and suggests slowing underlying job creation. With very tight labor markets, and record unfilled positions, businesses will have an increasingly tough time adding to payrolls.”
The ADP figures come ahead of the Labor Department’s more comprehensive nonfarm payrolls report on Friday, which includes both public and private-sector employment.
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