Companies added jobs at a more than expected speed in November in spite of worries related to increasing inflation and the pandemic threat, as per the report on Wednesday by payroll processing firm ADP.
Private hiring rose by 534,000 for the November month, better than the expected 506,000 by Dow Jones in a labor market.
Big businesses led the job growth, but hospitality and leisure led in the sectors.
The industry that consists of bars, hotels, restaurants, and similar types of businesses saw an increase of 136,000, out of the 424,000 posts added in the services sector.
Professional and business services added 110,000, trade, utilities, and transportation services added 78,000, and health and education services added 55,000 jobs.
On the goods-producing side, the construction sector saw a rise of 52,000 jobs and the manufacturing sector growth was up by 50,000 jobs.
Companies employing more than 500 or more employees added 277,000 jobs for November. Medium-sized companies hired 142,000 and firms with lesser than 50 employees added 115,000 jobs.
ADP’s Chief Economist, Nela Richardson said, “The labor market recovery continued to power through its challenges last month. Service providers, which are more vulnerable to the pandemic, have dominated job gains this year. It’s too early to tell if the Omicron variant could potentially slow the jobs recovery in coming months.”
