by Bill McBride on 2/01/2017 08:32:00 AM
Wednesday, February 01, 2017
Private sector employment increased by 246,000 jobs from December 2016 to January 2017 according to the January ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.This was well above the consensus forecast for 168,000 private sector jobs added in the ADP report.
“The U.S. labor market is hitting on all cylinders and we saw small and midsized businesses perform exceptionally well,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Further analysis shows that services gains have rebounded from their tepid December pace, adding 201,000 jobs. The goods producers added 46,000 jobs, which is the strongest job growth that sector has seen in the last two years.”
Mark Zandi, chief economist of Moody’s Analytics said, “2017 got off to a strong start in the job market. Job growth is solid across most industries and company sizes. Even the energy sector is adding to payrolls again.”
The BLS report for January will be released Friday, and the consensus is for 175,000 non-farm payroll jobs added in January.
Posted by Bill McBride on 2/01/2017 08:32:00 AM