Private-sector employers added 217,000 jobs in November

The labor market in November expanded at the fastest pace in five months bolstered by steady growth across large businesses and the service sector.

Private-sector employers added 217,000 jobs last month, the most since June, and up from 182,000 in October, according to the ADP National Employment Report released on Wednesday.

{mosads}Mark Zandi, chief economist of Moody’s Analytics, said that jobs growth “remains strong and steady.”

“The current pace of job creation is twice that needed to absorb growth in the working age population,” he said.

“The economy is fast approaching full employment and will be there no later than next summer.”

The federal government on Friday will release its November jobs report — an accounting of government and private-sector jobs — that is expected to show that there were 195,000 jobs added last month, a slower pace from the 271,000 gain in October.

Small businesses posted the strongest overall growth last month although the 81,000 pace fell from 91,000 in October.

The labor market’s improvement should spur the Federal Reserve to raise interest rates next month.

Fed Chairwoman Janet Yellen is testifying Thursday morning on Capitol Hill and will probably be asked about those plans amid the economic expansion.

Economic growth in the third quarter at 2.1 percent was faster than the 1.5 percent initially reported.

Overall employment at large companies — those with 500 or more employees — produced double the jobs, 74,000, than October’s figure.

Companies with 500–999 employees added 57,000 jobs, the largest gain for the segment in the history of the ADP report.

Service-providing employment rose by 204,000 jobs in November, a strong increase from an upwardly revised 174,000 in October.

The construction industry, which has been steadily expanding this year, added 16,000 jobs after gaining more than 30,000 in each of the  previous two months.

Meanwhile, manufacturing, which has struggled amid the dollar’s continued strength, added 6,000 jobs, rebounding from two straight months of drops.

Professional/business services added 59,000 jobs, the largest increase in this sector since June of this year.

The 9,000 new jobs added in financial activities were below the average of the last four months which ranged from 11,000 to 13,000 per month.