12/7: MetroIntelligence Economic Update by P. DUFFY

ADP:  November job growth of 190,000 dips slightly from October

According to ADP, private-sector employment increased by 190,000 from October to November on a seasonally adjusted basis.  This compares with 235,000 jobs the previous month and 226,000 jobs in the  same month of 2016.

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3Q 2017 productivity grew at 4.1 percent, highest rate since 3Q 2014

Nonfarm business sector labor productivity increased 3.0 percent during the third quarter of 2017, as output increased 4.1 percent and hours worked increased 1.1 percent. The productivity increase was the largest since the third quarter of 2014, when output per hour increased 4.4 percent. From the third quarter of 2016 to the third quarter of 2017, productivity increased 1.5 percent, reflecting a 3.0-percent increase in output and a 1.5-percent increase in hours worked.

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ISM November manufacturing index dips 0.5 points to 58.2

The November PMI® registered 58.2 percent, a decrease of 0.5 percentage point from the October reading of 58.7 percent. Comments from the panel reflect expanding business conditions, with New Orders and Production leading gains, employment expanding at a slower rate, order backlogs stable and expanding, and export orders all continuing to grow in November.

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ISM November non-manufacturing index dips 2.7 points to 60.1

The NMI® registered 57.4 percent, which is 2.7 percentage points lower than the October reading of 60.1 percent. Comments from the survey respondents indicate that the economy and sector will continue to grow for the remainder of the year.

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