Positive news on the job front today as ADP reports that November saw another 206,000 jobs added to the private business sector, well above what economists were projecting.
Construction employment was also up by 16,000, the biggest gain for the industry since November 2006.
The overall private-sector increase was the highest since December 2010 and almost twice the monthly average since May, ADP reported. The consensus forecast had been for an increase of only 130,000. ADP, which processes payroll and provides other services for businesses, develops its monthly report from its 500,000 U.S.-based client firms, representing about 21 million employees.
Small businesses created the majority of jobs, with 110,000 new jobs from companies with fewer than 50 employees and 84,000 for companies with 50 to 499 workers. Large firms added 12,000 jobs.
ADP also revised its October estimate of job gains up from 110,000 to 130,000.
The Bureau of Labor Statistics reports its job figures, which include public sector jobs as well, on Friday.