Private sector employment experienced solid growth in December, according to the latest report from ADP. The report revealed that private payrolls added 164,000 jobs during the month, surpassing analysts’ expectations. This positive performance signifies a continued upward trend in the job market.
The increase in private sector employment was driven by gains in various industries. The services sector accounted for the majority of the job additions, with notable growth in professional and business services, trade, transportation, utilities, and education and health services. Meanwhile, the goods-producing sector also contributed to the overall job growth, with gains in construction and manufacturing.
This robust job market performance demonstrates resilience in the face of ongoing challenges, such as labor shortages and the Omicron variant. It highlights the ability of businesses to adapt and continue creating job opportunities.
The positive news from ADP’s private employment report bodes well for the broader labor market landscape. It suggests that the economy is on track for continued recovery and growth, with businesses contributing to job creation and expansion.
While it is important to note that ADP’s private employment report may not precisely mirror the official employment data released by the government, it serves as a valuable indicator of the health and momentum of the job market. With the private sector leading the way, the overall employment outlook appears promising.