Employers add 215,000 jobs
A private survey shows U.S. businesses last month added the most jobs in a year, powered by big gains in manufacturing and construction.
Payroll processor ADP said Wednesday that companies and small businesses added 215,000 jobs in November. And ADP said private employers added 184,000 jobs in October, much stronger than its initial estimate of 130,000. The ADP numbers cover only private businesses and often diverge from the government’s more comprehensive report. Last month, the Labor Department said private businesses added 212,000 jobs in October. The Labor Department will report on November job growth Friday.
Banks don’t meet settlement terms
Three of the biggest U.S. lenders failed this year to meet some requirements for giving relief to struggling homeowners in a $25 billion settlement over foreclosure abuses, according to an official.
The monitor overseeing the settlement said in a report issued Wednesday that Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. together failed to meet seven of the 29 requirements tested in the first half of the year. The failures include requirements to notify borrowers of any missing documents in mortgage modification applications within five days of receipt and to give borrowers accurate information before foreclosure is started. Monitor Joseph Smith said the banks had taken steps to correct the errors.
“We proactively addressed the monitor’s findings and are pleased that he determined our corrective action plan is complete,” JPMorgan spokeswoman Amy Bonitatibus said. “While we satisfied our consumer relief requirements in May, we continue to provide mortgage relief to struggling families across the country.”