The U.S. economy added 190,000 private, non-farm jobs in November according to the monthly employment report released this morning by payroll-management firm ADP and its partner Moody’s Analytics. The seasonally adjusted result is 19.1 percent lower than October’s addition of 235,000 jobs, and marks an 18.9 percent decrease over the previous November, when 226,000 jobs were created. On a conference call this morning, Mark Zandi, chief economist of Moody’s Analytics, expounded on the underlying pace of job growth, which is currently somewhere between 175,000 to 200,0000 a month—more than double the amount necessary to accommodate new workers entering the labor force.

“The job market is red hot, with broad-based job gains across industries and company sizes. The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example,” Zandi said in a press release. “There is a mounting threat that the job market will overheat next year.” Zandi believes the prospects for an overheated labor market will be a greater risk if the proposed tax legislation makes it way through Congress, and is signed into law by President Trump. Zandi also expects that interest rates controlled by the Federal Reserve will rise more quickly now due to the strength of the economy. The Fed had reported that three rate hikes could be expected in 2018, but Zandi believes the board could put an additional, fourth rate hike in place due to market strength.

Small businesses—those with one to 49 employees—gained 50,000 jobs. Within that figure, firms that employ fewer than 20 people gained 14,000 jobs, and firms that have 20 to 49 employees added 36,000 jobs.

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