Private sector adds 325,000 jobs in December
Private sector employment grew by 325,000 jobs in December when compared to the previous month, according to the latest ADP National Employment report. Meanwhile, the number of new jobs in November was revised down slightly to 204,000 from 206,000. According to the report, which is compiled by ADP and Macroeconomic Advisors, small businesses added 148,000 jobs during the month, while medium-sized businesses grew by 140,000 positions. Large businesses — defined as those with more than 499 employees — grew by 37,000 jobs. About 52,000 jobs were in the goods-producing sector, while the service sector added 273,000 jobs. "December’s advance was the largest monthly gain since December 2010, reflecting strong job creation across most industries," said Carlos Rodriguez, president and CEO of ADP. "Small and medium-sized businesses were hiring at a similar pace. Job creation among large employers was also encouraging." Joel Prakken, chairman of Macroeconomic Advisers wrote, "The estimate for December suggests that employment accelerated for the fourth consecutive month, consistent with the year-end pick-up in economic growth. Today’s report, which is notably above the consensus forecasts both for today’s number and for Friday’s jobs estimate from the Bureau of Labor Statistics (BLS), points towards a strengthening labor market." Analysts with Econoday say the December job creation outcome is double the average analyst forecast for 160,000 jobs during the last month of 2011. Write to Kerri Panchuk.