Automatic Data Processing (ADP) reported that private sector employment jumped significantly in December, adding 271,000 jobs. This increase was well above the 175,000 that economists expected and was the most jobs gained since February of 2017. This ADP report is used by economists to get a feel for the Labor Department’s employment report which will be released on January 11th and covers government jobs in addition to the private sector. Amidst concerns from economists that we are on the brink of a slowing economy, the ADP report data suggested otherwise. Mark Zandi, Chief Economist at Moody’s Analytics stated, “At the current pace of job growth, low employment will get even lower.” In addition, he noted that businesses continue to add aggressively to their payrolls despite the recent stock market slump and the trade war between the U.S. and China.
ADP Report Highlights (Jobs Created)
66,000 – Professional and Business Services
61,000 – Education and Health Services
39,000 – Leisure and Hospitality
37,000 – Construction
12,000 – Manufacturing
Sources:
https://cnb.cx/2CObLUV
https://on.mktw.net/2RpDxi