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Job growth in the private sector: 534,000 jobs added in November

Job growth in the private sector: 534,000 jobs added in November

The job growth in the US private sector ramped up in November even as the labor market is currently facing one of the worst worker shortages in decades, according to the ADP National Employment Report released Wednesday morning. Companies added 534,000 jobs last month, topping the 525,000-job gain predicted by economists. This gain has marked a decline from October when companies added a revised 570,000 positions. 

The sector that was hit hard by the pandemic was leisure and hospitality. This sector accounted for the bulk of the gains with 136,000 new positions last month. While employment in this sector, including bars and restaurants, has been below last year's level, it has been steadily hiring more workers as vaccination rates have increased and business restrictions have eased. More Americans now venture out to shop, eat and travel.

Professional and business services also added to the job gains last month and added 110,000 new positions last month. This was followed by trade, transportation and utilities, which saw an increase of 78,000, and education and health services, which contributed 55,000. The service-producing sector contributed 424,000 jobs in November and the goods-producing sector added some 110,000 jobs.

Source: Fox Business



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