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Wednesday, January 08, 2014

ADP: Private Employment increased 238,000 in December

by Calculated Risk on 1/08/2014 08:21:00 AM

From ADP:

Private sector employment increased by 238,000 jobs from November to December, according to the December 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.
...
Mark Zandi, chief economist of Moody’s Analytics, said, "The job market ended 2013 on a high note. Job growth meaningfully accelerated and is now over 200,000 per month. Job gains are broad-based across industries, most notably in construction and manufacturing. It appears that businesses are growing more confident and increasing their hiring.”
This was above the consensus forecast for 205,000 private sector jobs added in the ADP report. 

Note: ADP hasn't been very useful in directly predicting the BLS report on a monthly basis, but it might provide a hint. The BLS report for December will be released on Friday.