November’s private sector jobs report
Bottom Line: Good news is even better in 2020. That’s especially true when we’re talking about jobs and especially so as we’re talking about growth of employment in November when much of the country began experiencing the most COVID cases to date. If we’ve learned anything as a country, it should be that lockdowns aren’t effective at stopping anything other than our economy. While Governor DeSantis clearly gets it in Florida, that’s not true everywhere, but still even in New York city where they shut down their schools – facts and logic won out and they’re open again. As Americans we’re nothing if not resilient given the opportunity to be and that continues to show up in the jobs report.
The ADP private sector jobs report is the first view of what happened in November. The number of jobs added wasn’t huge but the breadth of the gains against the context rising COVID cases is impressive. According to the ADP Report there were 307,000 private sector jobs added in November. That included...
- Small businesses: +110,000
- Midsized: +139,000
- Large: +58,000
That’s great news for two reasons. In a healthy recovery smaller business are adding more jobs than larger companies. During the earliest months of the recovery large companies were adding almost all the jobs while small businesses were still shedding them in many cases. Small businesses are the tip of the spear in our economy. They’re the first to hire when there’s demand and they’re the first to lay off people when times are tough. Given the brutal year it’s been for small businesses generally, it’s extremely encouraging to see three straight months of smaller businesses leading the way in the job's recovery. That also included gains across every sector led by...
- #1 Leisure & Hospitality
- #2 Education & Health
- #3 Professional & Business Services
On another positive note there were 8,000 manufacturing jobs added along with 22,000 construction jobs. Those are also leading indicators about real-time demand. On Friday we’ll get the full picture with government jobs added in. More to come...
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