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Zandi Warns Of “Overheating” As ADP Payrolls Surge In December

 

Zandi Warns Of "Overheating" As ADP Payrolls Surge In December

Courtesy of Zero Hedge

According to ADP, US firms added 250k jobs in December - above the highest estimate of 220k and the highest print since March 2017.

ADP printed 4 standard deviations above expectations…

The highest since March…

Service proving jobs dominated, adding 222.4k and Goods-producing jobs 27.8k – this is the biggest surge in service-producing jobs since June 2016…

And small and medium sized business gained most…

"We’ve seen yet another month where the labor market has shown no signs of slowing,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Throughout the year there was significant growth in services except for an overall loss of jobs in the shrinking information sector. Looking at company size, small businesses finished out 2017 on a high note adding more than double their monthly average for the past six months.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market ended the year strongly. Robust Christmas sales prompted retailers and delivery services to add to their payrolls. The tight labor market will get even tighter, raising the specter that it will overheat.”

Full Breakdown:


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