This week’s Labor Department report may show private payrolls increased by 93,000 in November, while unemployment held at 7.9 percent, according to the Bloomberg survey median. Overall hiring including government jobs probably climbed by 87,000 last month after rising 171,000 in October.
Federal Reserve Chairman Ben S. Bernanke has said an agreement on reducing long-term federal budget deficits without abrupt tax increases and spending cuts would remove a barrier to growth.
“A plan for resolving the nation’s longer-term budgetary issues without harming the recovery could help make the new year a very good one for the American economy,” Bernanke said in a Nov. 20 speech.
Last month marked a break from the way ADP had calculated employment figures dating back to 2001. Today the group issued its second joint release with Moody’s of West Chester, Pennsylvania, while it had previously collaborated with Macroeconomic Advisers LLC of St. Louis.
The report now draws on data from 406,000 of Automatic Data Processing Inc.’s corporate customers, up from the 344,000 used in the prior method. Those customers employ 23 million workers, or more than 20 percent of all non-government staff, ADP said in press release announcing the changes on Oct. 24.
Additionally, ADP and Moody’s said the new methodology they developed will better align their figures with those from the Labor Department’s monthly payroll report. The methodology uses data from ADP customers, the Labor Department and the Federal Reserve Bank of Philadelphia’s Aruoba-Diebold-Scotti Business Conditions Index. ADP said its numbers should correlate most closely with the final, revised Labor Department figures, rather than those initially released at the beginning of the month.
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