Private-Sector Employment Balloons in U.S.: ADP
New Year 2018 got off to a strong start for job creation in the United States, according to a report Wednesday from ADP and Moody's Analytics.
Businesses adding 234,000 in January, surpassing predictions by economists for private payrolls to grow by 185,000.
Stateside job creation was concentrated largely in service-related industries, which contributed 212,000 to the total.
Within that sector some of the better-paying industries showed solid gains: Trade, transportation and utilities led with 51,000, education and health services added 47,000 and professional and businesses services contributed 46,000. Leisure and hospitality services also grew by 46,000.
On the goods-producing side, manufacturing added 12,000 jobs while construction saw 9,000 new hires despite the traditionally slow month for the industry.
ADP's latest count comes with the national unemployment rate at 4.1%, though wage pressures remain muted. Economic growth overall has been solid, with the Atlanta Federal Reserve projecting the economy to grow 4.2% in the first quarter.