US Private Payrolls Rise In November, Higher Than Estimate

US private payrolls increased 534,000 in November from the previous month, emerging above market expectations, according to ADP Research Institute's national employment report released Wednesday.

Analysts expected a rise of 525,000, while the figure in October was slightly revised down from 571,000 to 570,000.

Small and medium businesses added 115,000 and 142,000 jobs, respectively, while large businesses added 277,000 in November.

"The labor market recovery continued to power through its challenges last month," ADP chief economist Nela Richardson said in the report. "November's job gains bring the three month average to 543,000 monthly jobs added, a modest uptick from the job pace earlier this year."

She added: "Job gains have eclipsed 15 million since the recovery began, though 5 million jobs short of pre-pandemic levels. Service providers, which are more vulnerable to the pandemic, have dominated job gains this year. It's too early to tell if the omicron variant could potentially slow the job recovery in coming months."

The US government's nonfarm payroll report will be released Friday and analysts expect it to show an increase of 550,000 jobs in November after it rose 531,000 in October. -