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by Calculated Risk on 1/05/2023 08:20:00 AM
Private sector employment increased by 235,000 jobs in
December and annual pay was up 7.3 percent year-over-year, according to the December ADP(R) National
Employment ReportTM produced by the ADP Research Institute(R) in collaboration with the Stanford Digital
Economy Lab (“Stanford Lab”).
…
“The labor market is strong but fragmented, with hiring varying sharply by industry and establishment
size,” said Nela Richardson, chief economist, ADP. “Business segments that hired aggressively in the first
half of 2022 have slowed hiring and in some cases cut jobs in the last month of the year.”
December and annual pay was up 7.3 percent year-over-year, according to the December ADP(R) National
Employment ReportTM produced by the ADP Research Institute(R) in collaboration with the Stanford Digital
Economy Lab (“Stanford Lab”).
…
“The labor market is strong but fragmented, with hiring varying sharply by industry and establishment
size,” said Nela Richardson, chief economist, ADP. “Business segments that hired aggressively in the first
half of 2022 have slowed hiring and in some cases cut jobs in the last month of the year.”
emphasis added
This was well above the consensus forecast of 145,000. The BLS report will be released Friday, and the consensus is for 200 thousand non-farm payroll jobs added in December.
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