Boston Herald | By Associated Press
November 30, 2016
WASHINGTON — U.S. companies added a solid 216,000 jobs in November, the most since June and evidence that the incoming Trump administration is inheriting a solid economy.
Payroll provider ADP said Wednesday that nearly all the gains occurred in service sectors such as retail, hotels and restaurants, as well as higher-paying professional services. Construction firms added 2,000 jobs, while manufacturing shed 10,000.
The figures add to other recent signs that the economy is expanding at a decent pace. Growth reached 3.2 percent at an annual pace in the July-September quarter, the government said Tuesday, much higher than the 1.1 percent rate in the first half of the year. Americans bought homes at the fastest pace in a decade in October and consumer confidence is at a nine-year high.
By one measure, home prices nationwide have finally surpassed their bubble-era peaks, boosting household wealth. And there are signs wages are picking up after years of sluggish growth.
“Overall, consumers are feeling confident and are driving the strong performance we currently see in the job market,” Ahu Yildirmaz, head of the ADP Research Institute, said.