Private payrolls in the U.S. increased by 118,000 last month, according to the ADP Employment Report. As expected, that’s a slowdown from October’s 157,000 rise (on a seasonally adjusted basis). Many economists will chalk up the slower rate of growth to Hurricane Sandy’s negative influence. Maybe. For now, it’s a plausible argument. Nonetheless, today’s ADP number tells us to remain cautious on expecting anything other than a comparably lower rate of jobs growth when the Labor Department publishes the official November payrolls report on Friday.
Daily Archives: December 5, 2012
Will The Housing Recovery Survive The Fiscal Follies?
What are the arguments for thinking that the U.S. economy will remain on a slow-growth course and avoid a new recession? Unfortunately, there are fewer sources of statistical support these days, but the strongest ones—relatively speaking—remain payrolls and real estate. Today’s estimate from ADP (scheduled for release at 8:15 am ET) is expected to post a slower rate of jobs growth for November, but not enough to challenge the notion that the economy is still growing. The nascent real estate revival is the other conspicuous point of optimism… if we can keep it.