American companies added 208,000 net new jobs in November, posting another solid though slightly disappointing month of labor market gains, payroll firm Automatic Data Processing said Wednesday.
The figure was down from an upwardly revised 233,000 private-sector jobs created in October, ADP said. November’s total also came in below the 225,000 analysts had expected.
Still, the closely watched figure indicates that the economy is continuing its nearly yearlong stretch of strong job growth.
“Steady as she goes in the job market,” said Mark Zandi, chief economist at Moody’s Analytics, which assists ADP in preparing the report. “Monthly job gains remain consistently over 200,000.”
Zandi predicted that the pace would lead to the unemployment rate dropping by 0.5 percentage points a year.
Economists expect the Labor Department to report Friday the private and public sectors added a combined 230,000 net new jobs in November and that the unemployment rate held steady at a more-than-six-year-low of 5.8 percent.
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