Inside the ADP Report for February 2021
Bottom Line: If you were looking for some good news, or at least decent news... I’ve got some for you. After December’s jobs report, when both the ADP Private Sector report and the government report, showed the first jobs losses since the end of the pandemic lockdowns...the double d conversation was right in the middle of the conversation. As in double-dip recession. Based on the January jobs numbers we’re not out of the woods yet but as I’ve hinted – the news was far better than a month ago.
According to the ADP Report there were 174,000 private sector jobs gained in January. That included...
- Small businesses: +51,000
- Midsized: +84,000
- Large: +39,000
The gains are small but the breadth of them is solid. Across the board gains with small businesses outpacing large companies. That’s exactly what we want to see, albeit in larger numbers ideally. Still, small businesses adding over 50,000 jobs to start the year doesn’t signal the bottom falling out of the economy from where we are today. Let’s hope December was the outlier and this becomes the model we build from.
Here were the top industries for hiring in January:
- #1 Education and Healthcare
- #2 Professional and businesses services
- #3 Leisure and Hospitality
The only industry losing jobs last month was within information technology. Tomorrow we’ll get the full picture with government jobs added in. More to come...
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