Expect a Slow Ride, Says Economist
Many economists are scratching their heads today, trying to figure out why the nonfarm payroll employment figures for November came in well below expectations, particularly after a report on private sector hiring released early this week was so encouraging. The U.S. Department of Labor reported that nonfarm payroll employment rose by 39,000 in November. Analysts had predicted employers would add between 75,000 and 200,000 jobs, according to a Bloomberg survey. The unemployment rate rose from 9.6% in October to 9.8% in November. More than 15 million people remain out of work. On Wednesday, ADP reported that private employers in November added 93,000 jobs, the second straight month of significant gains and the biggest in three years. ADP also reported that October's gain was revised upward from an initial estimate of 43,000 jobs to 82,000. By comparison, private employers added 29,000 jobs in September.
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