The private sector added 206,000 jobs in November, according to the ADP National Employment Report, far surpassing economists’ expectations for a gain of 130,000 jobs for the biggest gain since December 2010.
Wednesday’s ADP report prompted economists to raise their forecasts for Friday’s more comprehensive report from the U.S. Department of Labor, which includes both public and private sector employment. The report is expected to show a rise in overall nonfarm payrolls of 122,000 this month and a rise in private payrolls of 140,000.
Today’s report also upwardly revised October’s private payrolls to an increase of 130,000 from the previously reported 110,000. The ADP report is jointly developed with Macroeconomic Advisers LLC.
Meanwhile, a report from consultants at Challenger, Gray & Christmas Inc. showed the number of planned layoffs at U.S. firms edged down marginally in November, though job cuts for the year have already surpassed 2010’s total. According to the report, employers announced 42,474 planned job cuts this month, down 0.7% from 42,759 in October.