● ADP: US private job growth adds the most jobs in 5 months | MarketWatch
● Yellen: Fed will likely raise interest rates this month | USA Today
● Fed’s Beige Book report: US growing at “modest” pace | Bloomberg
● Gallup’s US Job Creation Index Steady in November | Gallup
● Eurozone Retail Sales Fall Unexpectedly In October | RTT
● PMI: Eurozone Nov business growth accelerates as firms cut prices | Reuters
● PMI: China’s Private Sector Expands For First Time In 4 Months | RTT
● PMI: UK services growth hits 4-month high, economy to pick up speed | Reuters

US companies added 217,000 workers in November, according to this morning’s update of the ADP Employment Report. The gain—the most since June—marks a modest improvement over October’s upwardly revised increase of 196,000. The faster rate of growth offers a degree of support for the government’s numbers that show a dramatic rebound in payrolls in October. But even after today’s upbeat release from ADP, the year-over-year trend continues to slip for this dataset.
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The expected risk premium for the Global Market Index (GMI) slipped in November, dipping closer to the recent low reached in September. GMI — an unmanaged, market-value weighted mix of the major asset classes — is projected to earn an annualized 3.3% return over the “risk-free” rate in the long term. (For details on the equilibrium-based methodology that’s used to generate the forecasts each month, see the summary below). Today’s revised estimate, which is based on data through last month, fell 10 basis points from the previous month’s update.
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● US ISM Mfg Index falls below neutral 50 level | Bloomberg
● PMI: US mfg growth dips to 2-year low | Markit
● US auto sales increased in Nov | Reuters
● US construction spending rises to 8-year high in Oct | USN&WR
● Eurozone inflation remains at 0.1% YoY in Nov | MarketWatch
● PMI: Slow global mfg growth ticks lower in Nov | Markit
● Considering zero growth to battle climate change | NY Times

Private nonfarm payrolls in the US are projected to increase by 179,000 (seasonally adjusted) in November over the previous month in tomorrow’s update of the ADP Employment Report, based on The Capital Spectator’s average point forecast for several econometric estimates. The average projection reflects a slightly lesser rise vs. October’s increase.
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Red ink swept across the major asset classes in November, with one exception: US equities. The Russell 3000 Index edged up 0.6% last month. Otherwise, losses prevailed, delivering a negative counterpoint to October’s generally bullish profile.
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● US Pending Home Sales Index inches higher in Oct | NAR
● Dallas Fed: factory output increases for 2nd month in Nov | WSJ
● PMI: Chicago business activity slips back into recession in Nov | MNI
● PMI: Eurozone mfg growth edges higher in Nov | Markit
● PMI: China mfg activity slips to 3-year low in Nov | Bloomberg
● German unemployment rate falls to record low in Nov | Bloomberg
● IMF adds China’s currency to elite reserve status | LA Times

The ISM Manufacturing Index for the US is expected to tick up to 50.2 in tomorrow’s update for November vs. the previous month, based on The Capital Spectator’s average point forecast for several econometric estimates. The prediction is fractionally above the neutral 50.0 mark. The estimate still translates into a forecast for growth for this benchmark of economic activity in the US manufacturing sector, but just barely.
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Real estate investment trusts (REITs) in the US took the lead in last week’s shortened holiday trading week for the major asset classes via a set of proxy ETFs. Vanguard REIT (VNQ) climbed nearly 1.0%, a comfortable edge over last week’s number-two performer for the four trading days through Friday, Nov. 27: Vanguard Total Stock Market (VTI), which tracks US equities.
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● PMI: US service sector growth rebounds in November | Markit
● US GDPNow Q4 growth estimate slips to 1.8% | Atlanta Fed
● Eurozone eco sentiment stable as inflation expectations tick higher | Reuters
● German retail spending dips in October | RTE
● German consumer confidence slips again in Dec forecast | RTT
● Japan’s industrial output rises for 2nd month in Oct | MNI