ADP, an American provider of payroll processing and human resource software, confirmed on Wednesday that after Trump has been declared as the victor in the 2016 US Presidential election, the confidence of the businesses in the country to the stability of the labor market stayed. With this, it is recorded that this November, private-owned businesses employed additional workers since the month of June.
In a report by The Hill, Moody's Analytics Chief Economist, Mark Zandi, said that in the month of November, businesses engaged the services of workers with better-than-expected rates. He furthered that this rate of employment proves the alleged improbability that during the height of the campaign for the presidential election, the hiring in the country was lessened.
Zandi also said that as the labor market tightens, there is a possibility that retailers will likely consider seasonal hiring so that they would have sufficient personnel in able to reach the demands of the market during the holiday season. However, compared to the seasonal hiring for the past few years, the expected rate of the increase of the businesses' labor force this year might be lower.
According to Financial Times, records from the Commerce Department confirms that the US economy has shown an overwhelming increase during the third quarter of the year, making the economists believe that President-elect Donald Trump will likely inherit a gaining economy in the beginning of his four-year term. Figures released last Tuesday reveal that the economy of the states has recorded an increase of 3.2 percent during the first quarter that is said to be its fastest rate in just a matter of two years.
With 68,000 employees hired this month, the sector engaged in services such as restaurants, retail and professional services was traced to have the most number of hiring in November. Meanwhile, the construction sector has produced 2,000 additional jobs. However, mining and manufacturing lost 4,000
On Friday, the US government is about to publicize the country's job report for the month of November with over 180,000 new jobs, higher to the 161,000 posts reported on October. For the latest news and updates in the US economy and employment, check out Jobs & Hire.
