Inside the ADP Report - Job growth crushes to start 2018
Bottom Line: Good news never gets old and we got great news to start the year from the ADP private sector jobs report. Expectations were for only 185,000 jobs to be added this month but we blew past it with 234,000 new jobs. What's more and is extremely relevant, is that ADP is still showing 242,000 jobs added in December - about 100,000 ahead of the government number so expect massive upward revisions in jobs with the government jobs report to be coming tomorrow. So where did the jobs come from?
- Small biz: +58,000
- Mid-sized: +91,000
- Large: +85,000
The small business number is decent and the mid-size company jump is outstanding. This continues to show really solid economic momentum in the economy. As for the top sectors for growth:
Trade, transportation & utilities
Education & Healthcare
Professional & Business services
Also manufacturing had another good month adding another 12,000 jobs. This sets up well for our economy in 2018 and for the government jobs report tomorrow.