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ADP Data Shows Hiring Accelerated in November Wednesday, November 30, 12:33 PM ET
Benefits and payroll processing firm Automatic Data Processing (NASDAQ:ADP) released its private sector employment report for November today, which showed a sizeable gain in employment from October to November.
ADP said the private sector added 206,000 jobs in November, on a seasonally adjusted basis. The hiring was stronger than economists had expected.
Small businesses hired the most workers, at 110,000, while medium businesses added 84,000 jobs and large businesses hired 12,000 people.
ADP's initial data for October hiring was revised upward, to 130,000 from 110,000.
ADP's report comes in advance of the U.S. Labor Department's non-farm payrolls report for November, due out on Friday morning.
Also today, many of the world's most important central banks pledged in a joint statement to provide support for the global financial system.
Gold is trading at $1,745 an ounce Wednesday, leading the SPDR Gold Shares (AMEX:GLD) to trade up about 1.7%, while the iShares Gold Trust (AMEX:IAU) trades up over 1.7% as well.
The U.S. Dollar Bullish Fund (AMEX:UUP) is trading down over 1%, while the Euro Trust (AMEX:FXE) trades up 1.1%.
The U.S. stock market is trending higher today, and the SPDR S&P 500 (AMEX:SPY) is trading up over 3.2%.
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