U.S. private payrolls increased at a moderate pace in November, while annual wages for workers staying in their jobs edged up for the first time in 25 months. The ADP National Employment Report on Wednesday did not change expectations for a sharp acceleration in nonfarm payrolls in the government's more comprehensive and closely watched employment report for November, which is scheduled to be published on Friday. Job growth was severely curtailed in October by Hurricanes Helene and Milton as well as strikes by some aerospace factory workers.
Private payrolls rose by 146,000 jobs last month after advancing by a downwardly revised 184,000 in October, the ADP report showed. Economists polled by Reuters had forecast private employment increasing by 150,000 positions after a previously reported 233,000 jump in October. There is little correlation between the ADP report, which is jointly developed with the Stanford Digital Economy Lab, and the Labor Department's employment report because of methodology differences. Initial ADP prints have mostly understated private payroll growth report by the Labor Department's Bureau of Labor Statistics (BLS) this year.
Source: Reuters