Private sector generates 122,000 jobs in December, below expectations
(MENAFN) Private sector companies created 122,000 new jobs in December, according to payroll processing company ADP’s report released on Wednesday.
This number falls short of economists' forecast of 140,000 jobs and is also lower than the previous month's total of 146,000.
“The labor market slowed down in December, with both hiring and wage increases decelerating,” said Nela Richardson, ADP’s chief economist. “Health care was the standout sector in the second half of the year, generating more jobs than any other sector.”
The education and health services sector led job creation in December with 57,000 new positions. The construction industry added 27,000 jobs, while leisure and hospitality expanded by 22,000 positions. Other services contributed 13,000 jobs, and financial activities added 12,000.
Hiring decelerated in manufacturing (-11,000), natural resources and mining (-6,000), and professional and business services (-5,000).
Large enterprises—those with 500 or more employees—accounted for 97,000 new jobs. Firms with 50 to 499 employees added 9,000 jobs, while smaller businesses with fewer than 50 employees contributed 5,000 new positions.
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