Companies hired at the fastest rate in seven months in December before the surging worries over rising Covid-19 cases.
- Private job growth amounted to 807,000 for the month, surpassing the Dow Jones estimate for 375,000 and the November gain of 505,000. The November total was revised downwards from the initially posted 534,000.
- Hiring increased in all sectors, with leisure and hospitality leading with 246,000 new positions. Trade, transportation, and utilities contributed 138,000. Professional and business services rose by 130,000 and education, and health services added 85,000 new jobs.
- Even though service-related professions led with 669,000 new positions, the goods-producing side also revealed significant gains. Manufacturing increased 74,000, and construction contributed to 62,000.
- Nela Richardson, ADP’s chief economist stated that December’s job market improved as the fallout from the Delta variant waned, and Omicron’s impact had not to be factored in.
The job growth came the same month that increasing Covid-19 cases increased new fears over an economic slowdown.
DXY down -0.34%, EUR USD up +0.43%Source: ADP
