US Private Employment Strong in November... Employment Indicators Show 'Positive Signs'

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Private employment in the U.S. increased more than expected in November. The likelihood of continued employment growth following October has significantly increased.

Private payroll processing company ADP announced on the 1st (local time) that private employment rose by 534,000 in November. Although this is lower than October's 570,000, it far exceeds the market expectation of 506,000.

CNBC reported that despite concerns that rising inflation and the spread of COVID-19 could slow growth, jobs increased significantly in November.

Strong employment amid soaring inflation is a factor that could allow the Federal Reserve (Fed) to accelerate the pace of asset purchase tapering.

Already in October, employment surprised with an increase of 530,000, far exceeding the expected 310,000. The market expects November employment to have increased by 550,000.

Fed Chair Jerome Powell appeared before Congress a day earlier and suggested that the maximum employment goal may have already been achieved, indicating the need to accelerate tapering to address inflation.