ADP has put out its November jobs report, and it did not disappoint. Estimates for this past month were between 150,000 and 240,000 new jobs, and it ended up landing right in that range at 190,000. While this number is down from October's numbers, it is in line with most economists' expectations.
When the government puts out its more comprehensive report, it is forecasted that the number will be 198,000 payroll additions and the unemployment rate will stay around 4.1 percent from the previous month. Employees who were out of work due to the hurricane season we had could be returning to work in full force this month, causing some additional labor in that report.
In the ADP report, midsized companies had the most gains with 99,000 jobs, followed by small businesses at 50,000 and large ones at 41,000. At a birdseye view, service-providing sectors came out on top with 155,000 new jobs. Professional and business services added 47,000 new jobs right behind Education and health care with 54,000. Financial activities also added a healthy 7,000 to the market.
Moody's Analytics' chief economist is convinced that the market is "red hot" and warns that there is a threat emerging for the job market next year in terms of overheating. He predicts this will drive up wages and inflation. These job gains will continue to span across industries and company sizes. However, hiring will slow as the unemployment rate gets lower due to the difficulty of finding qualified workers.
If you're looking to find that hidden talent, contact ICS. We have a huge database of both passive and active talent that is perfect for your organization. All you have to do is reach out. This report should tell you that now is the time to hire.