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• Private payrolls climbed by 807,000 jobs last month
• The service sector added 669,00 jobs while Goods-producing added 138,000
U.S private companies added employment at the fastest pace in December since May 2021, despite concerns over growing fear of Omicron covid variant.
According to the ADP National Employment Report released on Wednesday, private payrolls totaled 807,000 last month, well above the November gain of 505,000. The November total was revised from the previously stated 534,000.
The ADP data was created in collaboration with Moody's Analytics and was released ahead of the Labor Department's jobless claim report, which is due out on Thursday at 8:30 am ET.
The Dow Jones economists forecasted a rise of 375,000 in private payrolls.
“December’s job market strengthened as the fallout from the Delta variant faded and Omicron’s impact had yet to be seen,” said Nela Richardson, chief economist, ADP, in a report. “Job gains were broad-based, as goods producers added the strongest reading of the year, while service providers dominated growth.”
The Large businesses with 500 or more employees added 389,000 during the month. Medium-sized businesses with 50 to 499 employees recruited 214,000 people, while businesses with less than 50 workers employed 204,000.
The sector, which includes Natural resources/mining, construction, and manufacturing created 138,000 jobs.
The Leisure/hospitality industry created 246,000 jobs; the information sector increased by 12,000 while financial activities jobs climbed by 24,000 in total 669,000 jobs added in the service sector.
Professional and business services increased by 130,000. Trade, transportation, and utilities increased by 138,000, and education and health services increased by 85,000.
“December’s job growth brought the fourth quarter average to 625,000, surpassing the 514,000 average for the year, Richardson said.
“While job gains eclipsed 6 million in 2021, private-sector payrolls are still nearly 4 million jobs short of pre-COVID-19 levels.”
Picture Credits: Reuters