JUST IN: Private job growth totaled 807,000 for December, well ahead of the Dow Jones estimate for 375,000 and the November gain of 505,000.
Private job growth totaled 807,000 for the month, well ahead of the Dow Jones estimate for 375,000 and the November gain of 505,000. The November total was revised lower from the initially reported 534,000.Hiring was broad-based, though leisure and hospitality led with 246,000 new positions. Trade, transportation and utilities contributed 138,000, professional and business services increased by 130,000 and education and health services added 85,000.
The job gains came the same month that soaring Covid cases sparked renewed fears of an economic slowdown. The U.S. has passed one million new positive cases a day as the omicron variant has run rampant through the population. The release comes two days before the more closely watched nonfarm payrolls report from the Labor Department’s Bureau of Labor Statistics that is expected to show growth of 422,000, according to the consensus Dow Jones estimate.
Businesses with 500 or more employees accounted for the bulk of the gains in December, adding 389,000 jobs. Medium-sized firms added 214,000, while companies with fewer than 50 workers contributed 204,000.