⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

U.S. private job growth accelerates in December: ADP

Published 01/07/2015, 09:02 AM
© Reuters. People speak with job recruiters at the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York

NEW YORK (Reuters) - U.S. private employers added 241,000 jobs in December, beating the median forecasts of analysts and bringing their annual hiring to 2.5 million for 2014, a report by a payrolls processor showed on Wednesday.

December's private job gain was broad based despite concerns about downsizing at oil-related companies that have seen a dramatic fall in crude prices to 5-1/2 year lows on Tuesday. [O/R]

"That's a good sign that (job growth is) not dependent on any one industry," said Ahu Yildirmaz, head of ADP Research Institute on a conference call with reporters after the release of the data.

She said there was a decline in jobs in mining and natural resources in December, but did not provide a specific figure.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 226,000 jobs.

November's private payrolls were revised up to 227,000 from the previously reported 208,000.

The report is jointly developed with Moody's Analytics.

The ADP figures come ahead of the U.S. Labor Department's more comprehensive nonfarm payrolls report on Friday, which includes both public and private sector employment.

Economists polled by Reuters are looking for total U.S. employment to have grown by 240,000 jobs in December, down from 321,000 in November, with private-sector hiring seen at 230,000 compared with 314,000 the month before. The unemployment rate is seen dipping from 5.8 percent to 5.7 percent, which would be the lowest since June 2008.

Most economists did not alter their payroll forecasts after the latest ADP figures.

"ADP rarely if ever forces us to reconsider our estimate for payrolls. This go round is no different," Eric Green, head of U.S. rates and economic research at TD Securities wrote in a research note.

© Reuters. People speak with job recruiters at the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York

(Reporting by Richard Leong; Editing by Meredith Mazzilli) 2015-01-07T140138Z_1_LYNXMPEB060M2_RTROPTP_1_USA-ECONOMY-VACANCIES.JPG urn:newsml:onlinereport.com:20150107:nRTROPT20150107140138LYNXMPEB060M2 People speak with job recruiters at the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York OLUSBUS Reuters US Online Report Business News 20150107T132212+0000 20150107T140138+0000

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.