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Financial News: U.S. Private Sector Job Growth Exceeds Estimates In

U.S. Private Sector Job Growth Exceeds Estimates In December

01/08/2020 - 08:34:00 (RTTNews)

(RTTNews) - Reflecting strong job growth across companies of all sizes, payroll processor ADP released a report on Wednesday showing private sector employment jumped by much more than anticipated in the month of December.

ADP said private sector employment surged up by 202,000 jobs in December after climbing by a substantially upwardly revised 124,000 jobs in November.

Economists had expected employment to increase by about 160,000 jobs compared to the addition of 67,000 jobs originally reported for the previous month.

"As 2019 came to a close, we saw expanded payrolls in December," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "The service providers posted the largest gain since April, driven mainly by professional and business services."

The report said employment in the service-providing industry jumped by 173,000 jobs, as the professional and businesses services sector added 61,000 jobs.

The trade, transportation and utilities and education and health services sectors also saw notable job growth, while employment in the leisure and hospitality and information sectors edged lower.

Employment in the goods-producing industry also rose by 29,000 jobs, as an increase of 37,000 construction jobs more than offsetting the loss of 7,000 manufacturing jobs.

"Job creation was strong across companies of all sizes, led predominantly by midsized companies," Yildirmaz said.

Mid-sized companies added 88,000 jobs, while employment at small and large businesses rose by 69,000 jobs and 45,000 jobs, respectively.

On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.

Economists expect employment to increase by 160,000 jobs in December after spiking by 266,000 jobs in November, while the unemployment rate is expected to hold at 3.5 percent.

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