Companies Add More Jobs Than Forecast, ADP Says

U.S. companies boosted payrolls by the most in three years in November, propelled by increased hiring at small businesses, according to a private report released Wednesday.

Employment increased by 93,000 following a revised 82,000 gain in October that was almost double the initial estimate, according ADP Employer Services.

Economists had forecast a 70,000 increase for the month, Bloomberg reported.

Small firms added more workers than at any time since the recession began in December 2007.

A pickup in job growth would help generate more incomes and spur consumer spending, which accounts for about 70% of the economy, Bloomberg said.

The Labor Department will release its monthly employment report Friday, with economists forecasting an increase of 155,000 workers and the unemployment rate to hold 9.6%, Bloomberg reported.