Economic Watch: December Job Growth Strongest of 2013
Private sector employment increased by 238,000 jobs from November to December, according to the new ADP National Employment Report, making the final month of 2103 the strongest month for job growth last year.
by Staff
January 8, 2014
2 min to read
Private sector employment increased by 238,000 jobs from November to December, according to the new ADP National Employment Report, making the final month of 2103 the strongest month for job growth last year.
"The job market ended 2013 on a high note,” said Mark Zandi, chief economist of Moody’s Analytics. “Job growth meaningfully accelerated and is now over 200,000 per month. Job gains are broad-based across industries, most notably in construction and manufacturing. It appears that businesses are growing more confident and increasing their hiring.”
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Goods-producing employment rose by 69,000 jobs in December, up from an upwardly revised figure of 46,000 in November. Construction had its best month since 2006, adding 48,000 to payrolls. Manufacturing was strong as well, but growth slowed slightly to 19,000 in December.
Over the course of 2013, goods-producers added 286,000 jobs. Nearly 75% of these gains came from construction as the housing recovery accelerated throughout 2013.
Expansion in trade/transportation/utilities slowed slightly, adding 47,000 jobs in December.
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Payroll growth for businesses with 49 or fewer employees accelerated in December, adding 108,000 jobs. This is the fastest that small businesses have grown since the beginning of 2012.
Employment levels among medium-sized companies with 50-499 employees rose by 59,000 and employment at large companies, those with 500 or more employees, increased by 71,000. Both of these figures are relatively unchanged from last month.
The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
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