Hiring by private companies slowed in November. Small companies led the way, accounting for nearly half of the job gains. Fred Katayama reports.
The U.S. economy keeps cranking out jobs at a steady pace as the year winds down. Private employers added 208,000 to their payrolls last month, a modest pullback from October, according to the ADP employment report. The gains were less than the 221,000 jobs economists had forecast. October's gains were revised upward by 3,000. Private companies have now produced more than 200,000 jobs in seven of the last eight months. Small businesses led the way, accounting for nearly half of the increase. Societe Generale senior economist Brian Jones: SOUNDBITE: BRIAN JONES, SENIOR ECONOMIST, SOCIETE GENERALE (ENGLISH) SAYING: "I think it's still a pretty solid report. I wouldn't be too concerned with the miss of jobs. We continue to generate a very healthy number of jobs every month in the private sector." The gains were broadly based. Hiring was strongest at trade and transportation firms, followed by companies in the services sector. Manufacturing, which provides higher paying jobs, continued to decelerate. The ten-year benchmark bond rallied on the news. The dollar fell against the yen and euro. The ADP report comes two days before the Labor Department's broader employment report, the last one of this year. Economists expect jobs to grow in November to 230,000.