Jobs data/Is Waller jockeying to be next Fed Chair?
ADP said a net 122k private sector jobs were created in December, below the estimate of 140k and vs 146k in November. Small businesses, those with less than 50 employees, continued to slow the pacing of hiring’s. After losing 17k in November, just 5k were added in December. Those with 50-499 employees added just 9k after 42k last month. Large companies continued to drive most of the job growth, hiring 97k vs 120k last month.
Most of the deceleration took place in services as 112k jobs were hired in this sector vs 140k in the month before. Education/health continues to be consistent with its job adds, contributing 57k. Leisure/hospitality added 22k and with smaller gains in trade/transportation/utilities, information, financial activities and other services. Jobs were shed in professional/business services.
On the goods side, construction hired 27k, partly offset by a drop of 11k in manufacturing, down for a 3rd straight month. The natural resource/mining industry lost 6k jobs.
Keep reading with a 7-day free trial
Subscribe to The Boock Report to keep reading this post and get 7 days of free access to the full post archives.