U.S. companies boosted payrolls by the most in a year in November, according to a private report released Dec. 4.
Employment increased by 215,000 following a revised 184,000 gain in October that was larger than the initial estimate, according ADP Employer Services.
Economists had forecast a 170,000 increase, Bloomberg News reported.
“Not only is the job market healthy, but it’s improving going into year-end,” Brian Jones, senior U.S. economist at Societe Generale, told Bloomberg. “We’re optimistic on growth next year, continued improvement, further reductions in the jobless rate.”
A pickup in job growth would help generate more incomes and spur consumer spending, which accounts for about 70% of the economy, according to Bloomberg.
The Labor Department will release its monthly employment report Dec. 6, with economists forecasting an increase of 180,000 workers, Bloomberg reported.