Thursday, January 03, 2019

ADP: Private Employment increased 271,000 in December

by Calculated Risk on 1/03/2019 08:19:00 AM

From ADP:

Private sector employment increased by 271,000 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.
...
“We wrapped up 2018 with another month of significant growth in the labor market,“ said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Although there were increases in most sectors, the busy holiday season greatly impacted both trade and leisure and hospitality. Small businesses also experienced their strongest month of job growth all year.”

Mark Zandi, chief economist of Moody’s Analytics, said, “Businesses continue to add aggressively to their payrolls despite the stock market slump and the trade war. Favorable December weather also helped lift the job market. At the current pace of job growth, low unemployment will get even lower.”
This was well above the consensus forecast for 175,000 private sector jobs added in the ADP report. 

The BLS report for December will be released Friday, and the consensus is for 180,000 non-farm payroll jobs added in November.