ADP Employment: In-Line With Expectations

Bottom Line: Private sector employment rose moderately in November, in-line with expectations. Gains were particularly strong in the manufacturing sector, while the construction sector gave back some of the hurricane-related gains. The utility sector, which saw sharp hurricane-related losses in October, rebounded sharply. Since ADP doesn't include government workers, this report offers the possibility that non-farm payrolls are modestly higher than the current 195k expectations for Friday. ADP National Employment ROSE by 190k in November, exactly in-line with expectations. Meanwhile, the revisions to the prior 3 months subtracted an additional 14k to the previous estimate. Over the past 12 months, private payrolls have increased by an average of 208k per month, lifting employment to 2.0% ABOVE its year ago level. Jobs in Goods-Producing Industries ROSE by 36k jobs as Manufacturing gained 40k workers but Construction lost 4k jobs. Meanwhile, Service-Producing Industries ROSE by 155k jobs with Professional/Business Services hiring 47k workers, Trade/Transport/Utilities adding 36k, and Financial Activities increasing by 7k workers. Small Firms hired 50k workers, Medium-Sized Firms grew by 99k employees while Large Firms added 41k positions.