US companies added 208,000 workers in November, according to this morning’s ADP Employment Report. The gain was a bit softer than the consensus forecast, but overall the labor market continues to show a solid rate of growth. “At this pace the unemployment rate will drop by half a percentage point per annum,” Mark Zandi, chief economist of Moody’s Analytics, said in the accompanying press release. “The tightening in the job market will soon prompt acceleration in wage growth.”
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