241,000 jobs were added to the US economy last DecemberChris Middlebrooks (Author) Published Date : Jan 07, 2015 22:17 IST
The National Employment Report has released an ADP report that indicates over 241,000 jobs were added to the US economy last year December by private businesses, and this latest figure well exceeds the 227,000 consensus forecast expected for this period.
The ADP report also showed that the payroll provider increased its estimated 208,000 figure for November to 227,000 and also increased its October figures from 233,000 to 242,000. According to the Bureau of Labor Statistics, the 321,000 number of jobs created rated lower to the November reading, but Gus Faucher and Stuart Hoffman, PNC economists, maintain that this is so because ADP had adjusted its figures for December and this tallies with given forecast of 245,000 jobs added.
According to Faucher and Hoffman The ADP job survey has showed consistently strong job growth in the second half of 2014, well above that needed to keep up with growth in the labor force. As a result, the U.S. is slowly re-employing those who lost their jobs during the Great Recession and reducing the amount of labor market slack.
Carlos Rodriguez, head at ADP supplied that over 2.5 million jobs were created by the private sector in 2014, and the chief economist at Moody s Analytics, Mark Zandi, added that At the current pace of job growth, the economy will be back to full employment by this time next year. Zandi had worked together with ADP on the released report.
According to the ADP report, the professional and business services industry created 69,000 jobs in December 2014, and 44,000 jobs were created by the trade/transportation/utilities industry followed by some other industries which lagged far behind. The financial sector added 16,000 jobs, and the construction industry added 23,000 jobs while the manufacturing sector created some 26,000 new jobs for the given period.
In the given period, ADP affirms that businesses with less than 50 employees added 106,000 jobs and companies with 50-499 employees created 70,000 jobs, and other larger businesses created about 66,000 new jobs.
241,000 jobs were added to the US economy last December