ADP Dec. jobs estimate beats expectations

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Private-sector employment increased by 271,000 in December, on a seasonally adjusted basis, ADP estimated Thursday.

In November, ADP says 157,000 jobs were added, compared to its previous estimate of 179,000.

Economists surveyed by IFR Markets projected a 180,000 job gain for December.

“We wrapped up 2018 with another month of significant growth in the labor market,” according to Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Although there were increases in most sectors, the busy holiday season greatly impacted both trade and leisure and hospitality. Small businesses also experienced their strongest month of job growth all year.”

“Businesses continue to add aggressively to their payrolls despite the stock market slump and the trade war,” said Mark Zandi, chief economist of Moody’s Analytics. “Favorable December weather also helped lift the job market. At the current pace of job growth, low unemployment will get even lower.”

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