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News : US Economy Last Updated: Dec 4, 2013 - 4:01 PM


US added 215,000 private sector jobs in November; New home sales surge; Services slow
By Finfacts Team
Dec 4, 2013 - 3:56 PM

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US private sector employment increased by 215,000 jobs from October to November, according to the November ADP National Employment Report, released on Wednesday. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. Meanwhile, also today, the Census Bureau reported that new-home sales surged in October at the fasted rate in more than three decades, a sign the housing market is regaining momentum after a rise in mortgage rates last summer.  However, the Institute of Supple Management said its services index showed a slowing of activity in November.

Goods-producing employment rose by 40,000 jobs in November, up from 29,000 in October. Both construction and manufacturing payrolls added 18,000 jobs apiece. The gain for manufacturing was the largest since early 2012.
 
 Service-providing industries added 176,000 jobs in November, up from 156,000 in October. This was the largest gain in the service sector in a year. Among the service industries reported by the ADP National Employment Report, trade/transportation/utilities added the most jobs with 45,000 over the month. Professional/business services employment rose by 38,000, while financial activities added 5,000 jobs.
 
 "According to ADP National Employment Report findings, the U.S. private sector added 215,000 jobs during November making it the strongest month for job growth in 2013,” said Carlos Rodriguez, president and chief executive officer of ADP. “It’s an encouraging sign as we head toward the new year."
 
 Mark Zandi, chief economist of Moody’s Analytics, said, "The job market remained surprisingly resilient to the government shutdown and brinkmanship over the treasury debt limit. Employers across all industries and company sizes looked through the political battle in Washington. If anything, job growth appears to be picking up.”
 
 The Institute for Supply Management services index showed a slowing of activity in November with the employment component of the index, which measures hiring intentions, recording a sharper fall.
 
 The employment index fell to 52.5, down 3.7 percentage points, as more industries reported a drop in employment than a pick up, according to the ISM.
 
Sales of new single-family homes rose 25.4% in October from a month earlier to an annual rate of 444,000. That marked the sharpest monthly increase in more than three decades.
 
 The surge came after sales fell 6.6% in September to an annual rate of 354,000.
 
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