First Look at November: ADP Says 67K New Nonfarm Private Jobs

The economic mover and shaker this week is Friday's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository). Today we have the ADP November estimate of 67K new nonfarm private employment jobs, an increase over the ADP revised October figure of 121K.

The 67K estimate came in below the Investing.com consensus of 140K for the ADP number.

The Investing.com forecast for the forthcoming BLS report is for 175K new private nonfarm private jobs and the unemployment rate to remain at 3.6%. Their forecast for the November full nonfarm new jobs is (the PAYEMS number) 180K.

Here is an excerpt from today's ADP report press release:

“In November, the labor market showed signs of slowing,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “The goods producers still struggled; whereas, the service providers remained in positive territory driven by healthcare and professional services. Job creation slowed across all company sizes; however, the pattern remained largely the same, as small companies continued to face more pressure than their larger competitors.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is losing its shine. Manufacturers, commodity producers, and retailers are shedding jobs. Job openings are declining and if job growth slows any further unemployment will increase.”

Here is a visualization of the two series over the previous twelve months.