Private sector employers added 118,000 jobs from October to November, according to the latest monthly employment report from payroll giant ADP, though the hiring gains were tempered by the impact of Hurricane Sandy.
However, ADP revised downward slightly its October payroll report, reducing the previously reported job gains of 158,000 by 1,000 to 157,000 jobs. The reports are derived from ADP's actual payroll data in partnership now with Moody’s Analytics.
Among the 118,000 jobs added in November, 19,000 were in small businesses. Those included 13,000 in small businesses with between one and 19 employees, and 6,000 in small businesses with 20 to 49 employees.
Another 33,000 jobs were added in midsize businesses of between 50 and 499 employees. Large businesses added 66,000 jobs, including 3,000 in businesses with between 500 and 999 employees, and 62,000 in larger businesses with 1,000 employees or more.
Most of the November hiring occurred in the service sector, which added 114,000 jobs, while the goods-producing sector added only 4,000 jobs.
The financial activities sector accounted for 13,000 of the job gains, while professional and business services added 16,000 jobs. The construction industry led the way with 23,000 jobs, followed by trade, transportation and utilities with 22,000 jobs. The manufacturing industry, however, lost 16,000 jobs in November.
Some of the job losses were caused by the effects of Hurricane Sandy. "Superstorm Sandy wreaked havoc on the job market in November, slicing an estimated 86,000 jobs from payrolls,” said Mark Zandi, chief economist of Moody's Analytics, in a statement. “The manufacturing, retailing, leisure and hospitality, and temporary help industries were hit particularly hard by the storm. Abstracting from the storm, the job market turned in a good performance during the month. This is especially impressive given the uncertainty created by the Presidential election and the fast-approaching fiscal cliff. Businesses appear to be holding firm on their hiring and firing decisions.”
