Wednesday, January 30, 2019

ADP: Private Employment increased 213,000 in January

by Bill McBride on 1/30/2019 08:47:00 AM

From ADP:

Private sector employment increased by 213,000 jobs from December to January according to the January 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.
...
“The labor market has continued its pattern of strong growth with little sign of a slowdown in sight,“ said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We saw significant growth in nearly all industries, with manufacturing adding the most jobs in more than four years. Midsized businesses continue to lead job creation, however the share of jobs was spread a bit more evenly across all company sizes this month.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market weathered the government shutdown well. Despite the severe disruptions, businesses continued to add aggressively to their payrolls. As long as businesses hire strongly the economic expansion will continue on.”
This was well above the consensus forecast for 167,000 private sector jobs added in the ADP report. 

The BLS report for January will be released Friday, and the consensus is for 158,000 non-farm payroll jobs added in January.