by Calculated Risk on 1/05/2023 08:20:00 AM
Thursday, January 05, 2023
ADP: Private Employment Increased 235,000 in December
Private sector employment increased by 235,000 jobs in December and annual pay was up 7.3 percent year-over-year, according to the December ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).This was well above the consensus forecast of 145,000. The BLS report will be released Friday, and the consensus is for 200 thousand non-farm payroll jobs added in December.
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“The labor market is strong but fragmented, with hiring varying sharply by industry and establishment size,” said Nela Richardson, chief economist, ADP. “Business segments that hired aggressively in the first half of 2022 have slowed hiring and in some cases cut jobs in the last month of the year.”
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