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ADP Reports 215K Jobs Added, From Taper to Debt Ceiling

by on December 4, 2013 2:04 pm GMT
 

According to the ADP employment report, the US gained 215K jobs in November. Small business seen the most hiring as goods and services lead the sectors for total employment last month. Service providing companies added a staggering 176K jobs.

This makes November the strongest month for jobs in 2013, said the president of ADP, Carlos Rodeiguez. Mark Zandi, chief economist of Moody’s Analytics, said brought up the government shutdown -ounce again. “The job market remained surprisingly resilient to the government shutdown and brinksmanship over the treasury debt limit,” he said.

Regardless of how resilient it may be, a vast majority of jobs gained during the seasonal holiday months are typically part time, which has been the trend all year. True resiliency would be adding full-time employees.

Small businesses with fewer than 20 employees added 57K jobs, while businesses with less than 50 employees added 45K jobs.

As good data continues to roll in, the shift of the conversation switches from a potential taper by the Federal Reserve to the impending US debt ceiling. From one economic calamity to another as the FOMC will meet again December 14.”While the current base case is for a March tapering announcement.. could shift the bias in favor of a January announcement,” said Millian Mulraine, director for US rates research at TD Securities USA LLC.