ADP: Jobs Grew by Nearly 300,000 In December

ADP: Jobs Grew by Nearly 300,000 In December


Looks like businesses are finally feeling some confidence.

Maybe they read my post? Probably not.

Regardless, if the above number holds up when the government reports on Friday it would represent triple what Wall Street was predicting.

Daily Finance has more good news:

Separately, private placement firm Challenger, Gray & Christmas said planned layoff announcements in December by U.S. employers fell 34% to 32,000 in December from about 49,000 in November. That brought 2010 layoffs to about 530,000, the lowest total since 1997 and a 59% reduction from 2009, when job losses reached a seven-year high.

ADP’s December report showed that job gains were concentrated in services and in small and midsize businesses. Services added 270,000 jobs — the sector’s largest monthly increase on record, ADP said. Small businesses added 117,000 jobs; midsize businesses, 144,000; and large businesses, 36,000.

Construction employment was unchanged in December — but that ends the more than three-year-long monthly losing steak that started in June 2007. Goods producers added 27,000 jobs, manufacturing employment increased by 23,000 and financial services added 8,000 jobs.

We had signs that something like this could happen last month when jobless claims hit a 2.5 year low

Long story short, the trends are going the right way. Let’s hope they continue.

  • kranky kritter

    This sounds like an improvement in the employment news, but I’m not sure if it’s actually good news yet in terms of the overall picture. Even as a data guy, I have trouble following all the bouncing balls of the different reports, what is and is not being reported, and what the overall context is.

    I know that the reported unemployment number seems to have peaked and is now tweaking downward. But it’s not clear to just why that’s so. This post says that we “added” almost 300,000 jobs, but there’s no link to the actual report. Meanwhile, another link says that the latest moving average for new unemployment claims is 388,000.

    So if we as a nation “added jobs” does this mean that 300k more people were hired than the 388k who lost them? Is the 300k number really a net number that accounts for the losses, too. Or does the report really say that 300,000 Americans were hired, meaning that we’re still down 88k?