December 6, 2017

November 2017 ADP Employment Report: 190,000 Private-Sector Jobs Added; Zandi Says ‘Overheating’ Is Now a ‘Threat’

Filed under: Economy,Taxes & Government — Tom @ 10:20 am

Was elsewhere during today’s released and conference call, but here’s the news:

Private-sector employment increased by 190,000 from October to November, on a seasonally adjusted basis.

From the press release:

“The labor market continues to grow at a solid pace,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Notably, manufacturing added the most jobs the industry has seen all year. As the labor market continues to tighten and wages increase it will become increasingly difficult for employers to attract and retain skilled talent.”

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. There is a mounting threat that the job market will overheat next year.”

Wish I had been on the call, especially given that Zandi told the world with a straight face in September 2014 that the full-employment rate for the economy was 5.5 percent.

Wages aren’t increasing as much as we’dlike to see yet, so it’s a little early to be concerned about overheating. But it seems to be a common theme, with Robert Samuelson sounding a similar alarm in the Washington Post today.

Prior month revisions:
- October — now 235K, unchanged from last month.
- September — now 95K, was originally 135K.
- August — now 228K, was originally 237K.

ADP vs. BLS:

  • Year-to-date ADP private-sector additions (through November): 2.296 million
  • Year-to-date Bureau of Labor Statistics private-sector additions (through October): 1.623 million.
  • Difference: 673,000.

At some point, this difference needs to be reconciled. The guess here is that the real number is much closer to ADP’s figure than it is more to BLS’s.

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2 Comments

  1. I heard blather from liberal MSM that the ADP # can’t be right. They will never admit honestly that Obama was a big fat failure due to their liberal economic policies.

    It is ironic that the political party that claims to be for the poor, acts like it is terrified that the Trump Recovery is employing millions of poor people. The solution to poverty starts with a job. A billionaire recognizes this but a political party, Democrats, don’t.

    Comment by dscott — December 7, 2017 @ 7:01 am

  2. [...] ADP’s November private-sector report came in at 190,000 jobs added. ADP through November shows 673,000 more private-sector jobs added year-to-date than the government [...]

    Pingback by BizzyBlog — December 8, 2017 @ 8:28 am

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