Job Growth Eases Recession Fears
Led by small and midsize businesses, U.S. private-sector employers hired 189,000 new workers in November, including jobs at manufacturing, construction, and financial services firms, ADP reported this week.
Recent turmoil in the housing and credit markets were widely expected to reduce job growth as employers put hiring plans on hold.
Small businesses accounted for 77,000 of all new jobs last month, while midsize businesses added 82,000, the report said. By contrast, larger companies added just 30,000. The gains included new jobs in manufacturing, construction and financial services, which have seen weak payroll growth in recent months.
While employment in the service sector grew by 197,000, the goods-producers cut 8,000 jobs, continuing a 12-month decline.