ADP Signals Biggest Job Gain Since May (Ahead Of Omicron)

ADP reported private payrolls rose a stunningly better than expected  807k in December (almost double the 410k expectation and compared to the 384k expectations for payrolls on Friday).

Source: Bloomberg

“Job gains were broad-based, as goods producers added the strongest reading of the year, while service providers dominated growth. December’s job growth brought the fourth quarter average to 625,000, surpassing the 514,000 average for the year. While job gains eclipsed 6 million in 2021, private sector payrolls are still nearly 4 million jobs short of pre-COVID-19 levels,”said Nela Richardson, chief economist, ADP.

All cohorts added jobs, dominated by Services recovery…

“December’s job market strengthened as the fallout from the Delta variant faded and Omicron’s impact had yet to be seen,” added Richardson.