News Column

US Companies Add Fewer Jobs in November

Dec. 6, 2012
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The U.S. private sector added fewer jobs in November than the previous month after superstorm Sandy hit the East Coast, a leading industry report said Wednesday.

U.S. private companies added 118,000 jobs in November on a seasonally adjusted basis, down from a revised figure of 157,000 a month earlier, according to the National Employment Report released jointly by Automatic Data Processing (ADP) and Moody's Analytics.

Large businesses accounted for the majority of the employment gains last month, adding 66,000 jobs, while small and medium businesses added 52,000 jobs in total.

By sector, the employment in the service sector rose by 114,000, while jobs in the production sector increased 4,000, as gains in construction jobs of 23,000 more than offset the 16,000 decline in manufacturing employment, according to the report.

"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. "The manufacturing, retailing, leisure and hospitality, and temporary help industries were hit particularly hard by the storm."

The ADP survey is based on data from private businesses totaling more than 23 million workers on payrolls and excludes government job growth. The Labor Department will release the November job report Friday and it may depict a more definitive picture of employment.

(c) 2012 Xinhua News Agency - CEIS. Provided by ProQuest LLC. All rights Reserved.



Source: Copyright Xinhua News Agency - CEIS 2012


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