Private payrolls soar in January, the best monthly gain in nearly 5 years

  • Private payrolls rose by 291,000 in January, the best month since May 2015, according to ADP and Moody’s Analytics.
  • The report was nearly twice the expected gains.

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.

In all, services added 237,000 positions compared with 54,000 for goods producers. Trade transportation and utilities rose by 8,000, while the information and financial activities sectors contributed 2,000 apiece. Natural resources and mining was the sole loser with a drop of 2,000.

Source: https://www.cnbc.com/2020/02/05/adp-moodys-private-payrolls-january-2019.html

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