ADP Report: Private Sector Jobs Break Record, But Crisis Isn't Over
The job market may be turning around, however slowly. In November the U.S. economy added a record-breaking private sector 297,000 positions, and 2010 proved to be the lowest year for firings in 13 years, according to two separate reports released today.
The ADP National Employment Report, which measures private-sector employment, indicated that job growth rose at a rate in November "well above what is usually associated with a declining unemployment rate," the firm said in a release. A separate report, issued by the outplacement consulting firm Challenger, Gray & Christmas, showed national job cuts this year fell to the lowest level since 1997. Both reports come prior to Friday's more comprehensive BLS report on the labor market.