NEW YORK ― The pace of job growth in the economy’s private sector accelerated in November, with U.S. employers adding 206,000 jobs, a report by a payrolls processor showed on Wednesday.
The ADP National Employment Report surpassed economists’ expectations for a gain of 130,000 jobs, according to a Reuters survey. October’s private payrolls were revised up to an increase of 130,000 from the previously reported 110,000.
The report is jointly developed with Macroeconomic Advisers LLC.
“The ADP news is very good news. The private sector is adding jobs,” said Wayne Kaufman, chief market analyst at John Thomas Financial in New York.
U.S. stocks index futures added to gains immediately after the data, though investors were also focused on an announcement of coordinated actions from major central banks to provide liquidity to the global financial system.
Treasuries prices extended losses after the data.
The ADP figures come ahead of the government’s much more comprehensive labor market report on Friday, which includes both public and private sector employment.
That report is expected to show a rise in overall nonfarm payrolls of 122,000 this month and a rise in private payrolls of 140,000.
Economists often refer to the ADP report to fine-tune their expectations for the payrolls numbers, though it is not always accurate in predicting the outcome.