The day after President Trump touted “jobs, jobs, jobs,” in his State of the Union speech, ADP confirmed the strength of the employment economy by announcing the largest single-month private payroll gains for nearly five years. Jeff Cox reports for CNBC:
The jobs market kicked off 2020 in grand fashion, adding 291,000 in private payrolls for the best monthly gain since May 2015, according to a report Wednesday from ADP and Moody’s Analytics.
That was well above the 150,000 estimate from economists surveyed by Dow Jones and more evidence that the U.S. still is a good distance from full employment even with the jobless rate at its lowest point in more than 50 years. The total also was a sharp gain from the 199,000 in December, which was revised down 3,000 from the initial count.
Growth came across a swath of industries.
Leisure and hospitality led with 96,000 new jobs, but education and health services also contributed 70,000 and professional and business services added 49,000. On the goods-producing side, construction rose by 47,000, the best growth since the 62,000 added in January 2019, and manufacturing was up 10,000, the biggest monthly gain since last February.
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