ADP job growth of 179,000 misses expectations

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Private sector employment increased by 179,000 jobs in November, according to the ADP National Employment report, missing analyst expectations of 195,000 jobs.

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The lower-than-expected number is because of one of the tightest labor markets in a decade and a record number of unfilled positions, according to Moody’s chief economist Mark Zandi.

"Job growth is strong, but has likely peaked,” he said in a statement. “This month's report is free of significant weather effects and suggests slowing underlying job creation.  With very tight labor markets and record unfilled positions, businesses will have an increasingly tough time adding to payrolls."

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The service-providing sector added the most jobs, with the creation of 163,000 positions. It was followed by 59,000 jobs in the professional and business sector, and 49,000 in the education and health sector.

In October, the U.S. payroll increase remained unchanged at a blowout number of 227,000 nonfarm jobs -- the highest level since February.

On Friday, the Labor Department will release its highly anticipated November jobs report, which will offer an in-depth look at the labor market, including job additions, the unemployment rate, the labor participation rate and wage growth. Analysts expect the U.S. economy will likely add 200,000 jobs, according to economists surveyed by Refinitiv.

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