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U.S. private sector adds 217,000 jobs in November: ADP

Xinhua, December 3, 2015 Adjust font size:

U.S. private sector job growth rose in November, said a private survey released on Wednesday, adding to the possibility that the Federal Reserve will raise rate in December.

U.S. private companies added 217,000 jobs in November, and the job creation in October was revised up to 196,000, said the National Employment Report released jointly by Automatic Data Processing (ADP) and Moody's Analytics, based on a monthly survey.

"The strongest gains in the service sector since June led to greater employment growth in November," said Ahu Yildirmaz, head of the ADP Research Institute.

Employment in the service sector rose by 204,000 jobs in November, a strong increase from an upwardly revised 174,000 in October. The manufacturing sector added 6,000 jobs in November, rebounding from two straight months of losing jobs.

The upward primate employment data reflected a continuing improving job market, an important indicator for the Federal Reserve to raise interest rate.

That will be the last monthly jobs report before Federal Reserve policymakers meet on Dec. 15-16 to decide whether the U.S. economy can weather the first rate hike in more than nine years.

The possibility that Federal Reserve will raise interest rates in December has increased to 75 percent from 58 percent last month, according to the CME Group's FedWatch, a tool used to gauge the market's views on the likelihood of changes in U.S. monetary policy.

In November, small- and medium-sized businesses accounted for most of the employment gains, adding 143,000 jobs, while large businesses with over 500 employees added 74,000 jobs.

"The current pace of job creation is twice that needed to absorb growth in the working age population," said Mark Zandi, chief economist of Moody's Analytics. "The economy is fast approaching full employment and will be there no later than next summer." Enditem