by Calculated Risk on 12/01/2021 08:19:00 AM
Private sector employment increased by 534,000 jobs from
October to November according to the November ADP(R) National Employment ReportTM. Broadly
distributed to the public each month, free of charge, the ADP National Employment Report is produced by
the ADP Research Institute(R) in collaboration with Moody’s Analytics. The report, which is derived from
ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private
employment each month on a seasonally-adjusted basis
“The labor market recovery continued to power through its challenges last month,” said Nela Richardson,
chief economist, ADP. “November’s job gains bring the three month average to 543,000 monthly jobs
added, a modest uptick from the job pace earlier this year. Job gains have eclipsed 15 million since the
recovery began, though 5 million jobs short of pre-pandemic levels. Service providers, which are more
vulnerable to the pandemic, have dominated job gains this year. It’s too early to tell if the Omicron variant
could potentially slow the jobs recovery in coming months.”
This was close to the consensus forecast of 525,000 for this report.
The BLS report will be released Friday, and the consensus is for 563 thousand non-farm payroll jobs added in November. The ADP report has not been very useful in predicting the BLS report.