ADP: Job Growth Hits 234,000 in January: Job Creation Boom Kicks Off 2018

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SOURCE: US NEWS AND WORLD REPORT

URL: https://www.usnews.com/news/economy/articles/2018-01-31/adp-job-growth-hits-234-000-in-january

By Andrew Soergel, Economy Reporter


Hot on the heels of a tax overhaul that the GOP has promised will yield stronger wage and job growth in 2018, American employers generated 234,000 new jobs in January, according to a report published Wednesday by the ADP Research Institute.

The gains are a slight step down from the 242,000 jobs created in December, but they still represent the fourth consecutive month ADP has recorded job growth above 200,000 positions. Given that the U.S. is now more than eight years into its economic recovery, analysts have been impressed by the labor market's consistency over the past several months.

"The job market juggernaut marches on. Given the strong January job gain, 2018 is on track to be the eighth consecutive year in which the economy creates over 2 million jobs," Mark Zandi, chief economist at Moody's Analytics, said in a statement Wednesday. "If it falls short, it is likely because businesses can't find workers to fill all the open job positions."

Service providers contributed a whopping 212,000 new jobs, with trade, transportation companies and utilities tacking on 51,000 additions for the sector's strongest gains since December 2016. Health care employers also added 41,000 positions for their best showing since May, while financial activities contributed 16,000 jobs for the sector's best month since March.

Goods producers, meanwhile, tacked on 22,000 new positions – 12,000 of which were accounted for by the manufacturing sector.

"Service providers were firing on all cylinders, posting their strongest gain in more than a year," Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement Wednesday. "We also saw robust hiring from midsize and large companies, while job growth in smaller firms slowed slightly."

Indeed, companies with at least 50 but fewer than 500 employees generated 91,000 new positions,  while outfits with at least 500 workers generated 85,000 additions. Small businesses with fewer than 50 employees tacked on just 58,000 new jobs in January.

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[truth_seeker]

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