Private sector adds far more new jobs than expected in December
The ADP Research Institute reported Wednesday that its survey of private-sector employers shows they added 257,000 new positions in December. Economists had expected the report to show 198,000 new jobs, Bloomberg News (1/6, Chandra) reports.
In a statement accompanying the report, Moody’s Analytics economist Mark Zandi said, “If this pace of job growth is sustained, which seems likely, the economy will be back to full employment by mid-year. This is a significant achievement, given that the last time the economy was at full employment was nearly a decade ago.”
Bloomberg News notes the report shows goods producing industries, “which include manufacturers and builders, increased headcount by 23,000.”
The AP (1/6, Rugaber) says the ADP report shows employers “are still hiring at a healthy pace, even as overseas economic weakness and the strong dollar have hit U.S. manufacturing. Factories added just 2,000 jobs last month, ADP said.”
USA Today (1/6, Davidson) reports on its website that some economists “expected strong gains in December, in part because they believe unusually warm weather was likely to goose job growth.” Professional and business services “led the gains, adding 66,000 jobs.”
CNBC (1/6, Cox) says on its website that officials “who compiled the report offered no specific reason for the jobs jump in December, which will stand as the biggest month of the year for employment.”
USA Today (1/7, Davidson) says Friday’s report from the Labor Department on December job growth “is taking on added significance amid an economy that appears to be sputtering as a result of a struggling energy sector and weakness overseas.” According to “economists’ median estimate,” the report “should show that employers added a healthy 200,000 jobs last month.”
Associated Industries of Missouri is the sole official designated partner of the National Association of Manufacturers in Missouri.