Share “Survey: Sandy slows hiring in November to...”

Survey: Sandy slows hiring in November to 118K

Published on NewsOK Modified: December 5, 2012 at 8:56 am •  Published: December 5, 2012
Advertisement

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.

"I've not picked that up in the ADP data or any other job-related data," he said.

Businesses have cut back on investment in heavy machinery, computers and other equipment, Zandi said. But they are less likely to cut jobs or even delay hiring just because of the uncertainties created by the cliff, which is likely a temporary problem.