First Look At January: ADP Says 213K New Nonfarm Private Jobs

The economic mover and shaker this week is Friday's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository). Today we have the ADP January estimate of 213K new nonfarm private employment jobs, a decrease over the ADP revised December figure of 263K.

The 213K estimate came in above the Investing.com consensus of 180K for the ADP number.

The Investing.com forecast for the forthcoming BLS report is for 170K new nonfarm private jobs and the unemployment rate to remain at 3.9%. Their forecast for the January full nonfarm new jobs is (the PAYEMS number) 165K.

Here is an excerpt from today's ADP report press release:

“The labor market has continued its pattern of strong growth with little sign of a slowdown in sight,“ said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We saw significant growth in nearly all industries, with manufacturing adding the most jobs in more than four years. Midsized businesses continue to lead job creation, however the share of jobs was spread a bit more evenly across all company sizes this month.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market weathered the government shutdown well. Despite the severe disruptions, businesses continued to add aggressively to their payrolls. As long as businesses hire strongly the economic expansion will continue on.”

Here is a visualization of the two series over the previous twelve months.

 

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