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US private-sector hiring slows

Wednesday, December 3, 2014 - 22:20

[WASHINGTON] Hiring in the US private sector slowed in November but still held at a solid growth rate, payroll company ADP said on Wednesday.

Private payrolls rose by 208,000 in November, down from a revised 233,000 increase in October.

Though the November jobs gain was well below analysts' consensus estimate of 225,000, it continued to show solid job growth above 200,000, ADP said.

The ADP report came ahead of Friday's closely watched government monthly jobs data, a gauge of the health of the world's largest economy.

Analysts expect the Labor Department's November report will show jobs growth of 230,000, including 228,000 jobs in the private sector, and the unemployment rate unchanged at 5.8 per cent.

"Steady as she goes in the job market. Monthly job gains remain consistently over 200,000," said Mark Zandi, chief economist of Moody's Analytics, which helps compile the ADP report.

"At this pace the unemployment rate will drop by half a percentage point per annum. The tightening in the job market will soon prompt acceleration in wage growth."

AFP

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