This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Survey: Sandy Slows Hiring In November To 118K


WASHINGTON (AP) â¿¿ A private survey shows that U.S. businesses added fewer workers in November, mostly because Superstorm Sandy shut down factories, retail stores, and other companies.

Payroll processor ADP said Wednesday that employers added 118,000 jobs last month. That's below October's total of 157,000, which was revised lower.

Mark Zandi, chief economist at Moody's Analytics, says the storm cut payrolls by an estimated 86,000 jobs. Excluding the effects of the storm, "the job market turned in a good performance during the month."

ADP and Moody's Analytics are calculating job gains with a different methodology than the survey previously used. The new method covers more businesses. Previous ADP reports frequently produced figures much different than the government data.

The report only looks at hiring in the private sector and excludes government hiring. The Labor Department will offer a more complete picture of the November job market on Friday.

The storm is also expected to affect that Labor Department report and many economists expect it will show even fewer jobs added. Some are predicting as few as 50,000 jobs added in November. The unemployment rate is expected to rise to 8 percent from 7.9 percent.

A key reason the reports are expected to diverge: ADP counts someone as employed if they remain on a company's payroll, even if that business is closed and employees aren't paid. The government counts them as employed only if they are paid.

Even without the storm's impact, hiring has been only modest this year. Employers have added an average of 157,000 jobs per month since January, barely enough to lower the unemployment rate.

There is little sign yet that business concerns over potential tax hikes and government spending cuts next year are weighing on hiring, Zandi said. Large tax increases and deep spending cuts will kick in Jan. 1 as part of the so-called "fiscal cliff" unless the White House and Congress reach a deal.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs