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Economy in Brief

U.S. ADP Employment Growth Remains Steady
by Tom Moeller  December 3, 2014

Hiring growth in November continued on a par with earlier months, according to the ADP/Moody's National Employment Report. Private sector employment grew 208,000 last month following a 233,000 October increase, revised from 230,000. The y/y gain of 2.1% has been steady since the middle of 2012. The Action Economics Forecast Survey called for a 226,000 rise.

The ADP survey is based on ADP's business payroll transaction system covering 411,000 companies and nearly 24 million employees. The data are processed by Moody's Analytics Inc., then calibrated and aligned with the BLS establishment survey data. Extensive information on the methodology is available here.

 Small business payrolls rose a steady 101,000 (2.2% y/y). Medium-sized firms added 65,000 (2.1% y/y), down sharply from 122,000 in October. Large business payrolls recovered 42,000 (2.1% y/y) in November following a depressed 7,000 gain.

Hiring in the goods-producing sector increased 32,000 (2.1% y/y) after a strong 46,000 rise. Factory sector payrolls grew 11,000 as the 1.0% y/y rise maintained the strongest pace since early last year. Construction industry jobs increased 17,000 (3.8% y/y).

Service-providing payrolls grew 176,000 (2.2% y/y), roughly steady with the increases since late-2011. Industry growth varied. Trade, transportation and utilities added 49,000 jobs (1.9%), about the same as in October. Professional & business services jobs grew 37,000 (3.2% y/y) following two months of roughly 49,000 increase. Financial activities jobs increased a weak 5,000 (0.9% y/y).

The ADP National Employment Report data are maintained in Haver's USECON database; historical figures date back to April 2001. The figures in this report cover jobs only in the private sector. The expectation figure is available in Haver's AS1REPNA database.

ADP/Moody's National Employment Report Nov Oct Sep Y/Y 2013 2012 2011
Nonfarm Private Payroll Employment (m/m chg, 000s) 208 233 213 2.1% 2.0% 2.3% 1.8%
 Small Payroll (1-49) 101 103 92 2.2 2.1 2.5 1.1
 Medium Payroll (50-499) 65 122 45 2.1 1.6 2.0 2.0
 Large Payroll (>500) 42 7 76 2.1 2.3 2.4 2.7
Goods-Producing 32 46 49 2.1 1.6 2.2 1.7
 Manufacturing 11 13 32 1.0 0.6 1.6 1.9
Service-Producing 176 187 164 2.2 2.0 2.3 1.8
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