Private Job Growth in December Shatters Expectations

Private Job Growth in December Shatters Expectations

Private Job Growth in December, Shatters Expectations.

Data released by payroll processing company ADP revealed an 807,000 increase in private jobs for the month.

The number is more than double what economists had predicted.

Wall Street had anticipated an increase of around 375,000 jobs for December.

The 807,000 jobs also shattered the increase that occurred during November.

During that month, the economy added at least 534,000 jobs.

The leisure and hospitality industry experienced the greatest increase, adding more than 245,000 jobs to the U.S. economy.

Following leisure and hospitality, .

The trade, transportation and utilities industries added close to 138,000 jobs.

The education and health service industries added 85,000 jobs.

Despite the extraordinary growth, .

Economists' reactions were tepid in light of record-breaking COVID infections due to the Omicron and Delta variants.

December’s job market strengthened as the fallout from the Delta variant faded and Omicron’s impact had yet to be seen.

, Nela Richardson, ADP’s Chief Economist, via CNBC.

Job gains were broad-based, as goods producers added the strongest reading of the year, while service providers dominated growth, Nela Richardson, ADP’s Chief Economist, via CNBC.

Total employment remains millions of jobs below pre-pandemic levels.

The Bureau of Labor Statistics will release its own data on Jan.

7.

The data is expected to reveal at least 442,000 non-farm payroll jobs added to the economy