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No Slowdown in Private Sector, ADP Reports 213,000 Jobs Added in January
Private sector employment increased by 213,000 jobs from December to January according to the January ADP National Employment Report. The 12-month average and CY 2018 monthly average were in the 205,000-plus to 210,000 range.
“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.”
All sectors, except for trade and transport, which were impacted by tariffs and energy, were up more than 30,000 jobs in January. And, the report revealed no impact from the government shutdown, primarily because furloughed government workers were promised back pay in legislation, thus no unemployment claims ensued.
ACRE R.E. Center’s CRE economist, KC Conway, points out the combination of this private payrolls jobs report and the earnings reports thus far for Q4, prompts him to say, “No sky is falling on the economy – yet.”
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- ◦Economy
