November U.S. Private-Sector Hiring Slows |
| Wall Street Journal - Dec 5, 2012 |
Private-sector hiring slowed in November but the top-line number masks crosscurrents that hit the job markets last month, according to an Automatic Data Processing Inc. ADP +0.71%(ADP) tally of hiring released Wednesday.
Private-sector jobs in the U.S. increased 118,000 last month, according to a national employment report calculated by payroll processor ADP and forecasting firm Moody's MCO -0.12%Analytics. The October job gain was revised slightly to 157,000 from the 158,000 reported a month ago. Economists expected a 125,000-job gain.
Two special factors skewed the top-line numbers, said Mark Zandi, chief economist of Moody's Analytics, which compiles the ADP data.
First was superstorm Sandy. Many businesses in the Northeast are still struggling with the damage caused by Sandy, which made U.S. landfall on Oct. 29.
"Superstorm Sandy wreaked havoc on the job market in November, slicing an estimated 86,000 jobs from payrolls," said Mr. Zandi. The impact showed up in manufacturing, retailing, leisure and hospitality, and temporary help jobs.
Read Full Article from Wall Street Journal
- Posted: 2012-12-05 11:51:45
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
