Inside the ADP Report – Shutdown? What shutdown? Job growth boomed in January
Bottom Line: Listening to traditional news media and conventional wisdom regarding the economy hasn’t ever been wise.That being said it’s probably never been more misleading than it is right now. After all of the noise about recession fears in December we witnessed explosive job growth, the best in years, to end the year. As for January, we spent a month plus in a partial government shutdown. We were inundated daily about the plight of everything and everyone related to it. We were told by those who’ve never owned or operated a business how the partial shutdown would impact business decisions. And what actually happened?
We had across the board explosive growth in hiring to start the year. It’s almost like the private sector isn’t reliant on the federal government and the US economy isn’t great because of the federal government? Craziness, right? Anyway, in the real world here’s what happened in January...
- We added 213,000 private sector jobs
As for where the jobs were added in November:
- Small biz: +63k
- Mid-Sized: +84k
- Large: +66k
That’s great balance and the most jobs small businesses have added in a month in around six months. That’s especially important because small businesses are the most economically sensitive and generally will only hire when there’s a real need/demand for additional employees.
As for industries leading the pack...
- Professional and business services: +46k
- Education & Health +38k
- Construction +35k
- Manufacturing +33k
Any questions? Think back to what naysayers were saying about the economy entering 2018 on back of tax reform. 2018 produced the best economy in a generation. This is just the latest reminder that there are two sides to stories but just one side to facts. The same pundits, politicos and fake news types of a year ago are just a little louder and more desperate today. As for the economy. It’s clearly still kicking butt. Any questions? Think back to what naysayers were saying about the economy entering 2018 on back of tax reform. 2018 produced the best economy in a generation. This is just the latest reminder that there are two sides to stories but just one side to facts. The same pundits, politicos and perpetuators of fake news a year ago are just a little louder and more desperate today. As for the economy. It’s clearly still kicking butt.
Any questions? Think back to what naysayers were saying about the economy entering 2018 on back of tax reform. 2018 produced the best economy in a generation. This is just the latest reminder that there are two sides to stories but just one side to facts. The same pundits, politicos and perpetuators of fake news a year ago are just a little louder and more desperate today. As for the economy. It’s clearly still kicking butt.