According to a report by ADP Research Institute, published today, private-sector employment in the U.S. increased by 250,000 from November to December. Job growth surged in December 2017. The U.S. private sector added 250,000 jobs in December, which is the biggest rise since March, Reuters reports. More conservative estimates predicted a gain ranging from 165,000 to 225,000 jobs, but the reality seems to have surpassed everyone’s expectations.
Here are the changes by business size, according to ADP.
- Small businesses (1-49 employees) have experienced a job growth of 94,000
- Midsized businesses (50-499 employees) have experienced a job growth of 100,000
- Large businesses (500 or more employees) have experienced a job growth of 56,000
Change by sector and industry is divided into two parts: one concerns the goods producing sector and the other one the service-providing sector.
Goods-producing sector job growth is as follows.
- Natural resources and mining has experienced a job growth of 3,000.
- The construction industry has experienced a job growth of 16,000.
- And lastly, the manufacturing industry has experienced a job growth of 9,000.
The service providing sector is outperforming the goods-producing sector when it comes to job growth and by a large margin, with the growth of 222,000 jobs in total. Interestingly, the only industry that seems to be “in the red” is the Information industry, which has not grown and has instead experienced a decline of -4,000. Here are the exact figures.
- Trade, transportation, and utilities industry has experienced a job growth of 45,000.
- The industry of financial activities has had a job growth of 19,000.
- The professional and business industry, on the other hand, seems to be doing a lot better with a job growth of 72,000.
- The education and health industry appears to be doing good too, with a job growth of 50,000.
- The leisure and hospitality industry has experienced a job growth of 28,000.
- And lastly, other services (services not specifically provided for elsewhere in the classification) have experienced a job growth of 12,000.
The unemployment rate is predicted to stay steady at the 4.1 percent, according to Reuters. Not everyone is optimistic about the fact that the American economy seems to be booming. Retired politician Ron Paul has recently called it a “bubble, built on personal, governmental and corporate debt.” However, the markets seem to be doing great too, at least currently. The Dow Jones industrial average traded above 25,000 points, the Associated Press reports.