BOOM!!! ADP/Moody’s Analytics: Private Payrolls Grow by 234,000 in January 2018 vs 185,000 Expected (VIDEO)
AND THE TRUMP ECONOMY AND JOBS KEEPS ON COMING …
From CNBC comes the following fantastic jobs news … ADP and Moody’s Analytics state that private companies hired 234,000 jobs in January, 2018. That is far above the 185,000 jobs that was expected. Of the 234,000 jobs, 212,000 new jobs were service related, manufacturing added 12,000 and construction added 9,000. At this rate we are going to run out of workers to fill the jobs and then look for wages to truly increase as companies vie for talent.
- Private companies hired 234,000 jobs in January, well above expectations for 185,000, according to ADP and Moody’s Analytics.
- Service-related industries led with 212,000 new jobs; manufacturing added 12,000 and construction 9,000.
- The report often differs significantly from the government’s more closely watched nonfarm payrolls count, with ADP reporting growth of 242,000 in December vs. the Labor Department’s 148,000.
The new year got off to a strong start for job creation, with businesses adding 234,000 in January, according to a report Wednesday from ADP and Moody’s Analytics.
Economists surveyed by Reuters had been looking for private payrolls to grow by 185,000.
Job creation was concentrated largely in service-related industries, which contributed 212,000 to the total.
Within that sector some of the better-paying industries showed solid gains: Trade, transportation and utilities led with 51,000, education and health services added 47,000 and professional and businesses services contributed 46,000. Leisure and hospitality services also grew by 46,000.
“The job market juggernaut marches on,” Mark Zandi, chief economist at Moody’s Analytics, said in a statement. “Given the strong January job gain, 2018 is on track to be the eighth consecutive year in which the economy creates over 2 million jobs. If it falls short, it is likely because businesses can’t find workers to fill all the open job positions.”
ADP’s latest count comes with the national unemployment rate at 4.1 percent, though wage pressures remain muted. Economic growth overall has been solid, with the Atlanta Fed projecting the economy to grow 4.2 percent in the first quarter.
In an interview with CNBC, Zandi said the current pace of job growth suggests an unemployment rate of 3.5 percent by the end of 2018