Boosted by the manufacturing sector, U.S. companies added 190,000 jobs last month, according to payroll services firm ADP. The number was slightly above consensus forecasts. “The job market is red hot, with broad-based job gains across industries and company sizes,” said Mark Zandi, chief economist at Moody’s, which works with ADP to produce the closely watched monthly report.
Per ADP data, small businesses created 50,000 new jobs, while large companies added 41,000 positions. Midsize firms generated the most gains at 99,000 jobs.
The education and healthcare sectors added 54,000 new jobs, followed by professional and business services, which generated 47,000 positions. Manufacturing payrolls increased by a significant 40,000 jobs, while the trade, transportation and utilities sector produced 36,000 and the leisure and hospitality field bolstered ranks by 25,000. Construction companies, though, slashed 4,000 jobs.
“The labor market continues to grow at a solid pace,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Notably, manufacturing added the most jobs the industry has seen all year. As the labor market continues to tighten and wages increase, it will become increasingly difficult for employers to attract and retain skilled talent.”
The stronger November jobs figure comes after an October government report that showed the U.S. economy added 261,000 jobs. Currently, the unemployment rate stands at 4.1%. The Labor Department will release its official November nonfarm payrolls figure on Friday.