Inside the ADP Report...November’s job growth was...
Bottom Line: Decent. After incredible gains in two of the past three months, private sector jobs growth was a bit slower in November. 179,000 jobs added. At this point in the cycle with historically low unemployment that’s still a solid number. What’s more is that it still appears as the only thing holding stronger job growth back is the inability by, especially small businesses, to find the talent they’re looking for in their businesses.
Here are some key takeaways from the report:
- We added 21,000 fewer private sector jobs year over year (Nov 17’ to Nov 18’)
- In 2018 we've averaged 201,000 private sector jobs per month
As for where the jobs were added in November:
- Small biz: +46k
- Mid-Sized: +119k
- Large: +13k
Mid-sized companies (50-499 employees) are still knocking the cover off of the ball and have been the biggest beneficiaries of our fast growth economy this year. It’s clear that large companies ended the ramp up for holiday hiring in advance of November after big gains in October. That’s the only reason we didn’t see another 200k+ month.
As for industries leading the pack...
- Professional and business services: +59k
- Education & Health +49k
- Leisure & Hospitality +26k
- Trade, Transportation & Utilities +18k
- Construction +10k each
With 3.3% annual growth through the third quarter in 2018 and 3.5% growth in the 3rd quarter specifically - It’s evident we ended the third quarter with a red-hot economy & should be well on our way to continued 3%+ growth to end the year despite the short-term jitters in the financial markets based on trade concerns.