Job growth is picking up

The November ADP estimate of private sector job growth rose more than expected (93K vs. 70K), and is now at its highest post-recession level. The picture here is one of gradual improvement, and it jibes with the slowing in the pace of layoffs and the upward trend in private sector jobs that we have seen in both the establishment and household job surveys so far this year. No sign of a boom, but also no sign of a double-dip.