by Calculated Risk on 1/04/2018 08:20:00 AM
Thursday, January 04, 2018
Private sector employment increased by 250,000 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.This was well above the consensus forecast for 185,000 private sector jobs added in the ADP report.
“We’ve seen yet another month where the labor market has shown no signs of slowing,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Throughout the year there was significant growth in services except for an overall loss of jobs in the shrinking information sector. Looking at company size, small businesses finished out 2017 on a high note adding more than double their monthly average for the past six months.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market ended the year strongly. Robust Christmas sales prompted retailers and delivery services to add to their payrolls. The tight labor market will get even tighter, raising the specter that it will overheat.”
The BLS report for December will be released Friday, and the consensus is for 190,000 non-farm payroll jobs added in December.
Posted by Calculated Risk on 1/04/2018 08:20:00 AM