Payroll company ADP announced the largest monthly increase in manufacturing jobs ever in their history for November!
Surge in manufacturing jobs causes private payrolls to rise more than expected in November
- Private payrolls increased by 190,000 in November, ahead of analyst expectations of 185,000 but less than the 235,000 in October.
- Manufacturing had its best month of the year with 40,000 new jobs. Service-oriented industries grew by 155,000.
- Moody’s economist Mark Zandi says the jobs market is “red-hot”
Charles Payne from FOX Business reported yesterday that America under President Trump is in a Manufacturing Renaissance –
Talk about promises kept…the revival of American manufacturing is staggering. In the ADP report 40,000 new manufacturing jobs were created in November the highest number ever for the report (back to 2002).
ADP’s report shows 40,000 new jobs created in November in the manufacturing sector.
According to the ADP report, Mark Zandi, chief economist of Moody’s Analytics, said –
The job market is red hot, with broad-based job gains across industries and company sizes. The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example.
The manufacturing sector added 40,000 positions alone.
“The job market is red hot, with broad-based job gains across industries and company sizes,” Mark Zandi, chief economist at Moody’s, said in a statement Wednesday.
The growth comes as the government’s headline unemployment rate is at 4.1 percent, a 17-year low that economists believe will continue to decline. The Labor Department will release its closely watched official nonfarm payrolls count Friday, with economists expecting growth of 175,000 and the jobless rate holding steady.
According to the ADP/Moody’s report, the biggest jobs in November came from service-providing industries, which added 155,000, while goods-producing companies contributed 36,000 [the numbers don’t add up to the 190,000 total because of rounding].
Winning, Winning, Winning, Record-Setting!
This post was last modified on December 7, 2017, 7:34 pm