Good News On The Jobs Front?

It’s unclear how this will correlate to the official unemployment report due out on Friday, but the private sector jobs report from ADP is looking really, really good:

NEW YORK (Reuters) – U.S. private employers added 297,000 jobs in December compared with a revised gain of 92,000 in November, a report by a payrolls processor showed on Wednesday.

The November figure was originally reported as a gain of 93,000.

The reaction from economists is very positive:

TIM GHRISKEY, CHIEF INVESTMENT OFFICER OF SOLARIS ASSET MANAGEMENT IN BEDFORD HILLS, NEW YORK:

“Huge number, what a surprise. This is a number that is watched closely by the market as an indication of the official government employment level. There is some talk that this is simply a data catch up, that prior ADP data was understated.

But it certainly looks to us that this is further indication that the economy continues to slowly but surely improve and while we are not looking for jumps in employment we are looking for steady improvement in employment as we’ve seen over the past year, just at a very measured pace.

(…)

TOM PORCELLI, U.S. ECONOMIST, RBC CAPITAL MARKETS, NEW YORK:

“You cannot ignore the strength of this report. As a consequence of this report we are taking our payrolls estimate higher for sure. Small business continues to add jobs. With small business now beginning to start to ramp up hiring, it’s safe to feel better about the labor backdrop.”

Good news for the New Year? Let’s hope so.

FILED UNDER: Economics and Business, Quick Takes, US Politics
Doug Mataconis
About Doug Mataconis
Doug holds a B.A. in Political Science from Rutgers University and J.D. from George Mason University School of Law. He joined the staff of OTB in May 2010. Before joining OTB, he wrote at Below The BeltwayThe Liberty Papers, and United Liberty Follow Doug on Twitter | Facebook

Comments

  1. tom p says:

    It’s only because of the Republican gains in the last election.

  2. anjin-san says:

    And then there is this from Business Week:

    Jan. 5 (Bloomberg) — Employers in 2010 announced the fewest job cuts since 1997 as the U.S. economy recovered from the worst recession since the 1930s, a private survey showed.

    There were 529,973 planned firings last year, down 59 percent from 2009 when job cuts reached a seven-year high, according to Challenger, Gray & Christmas Inc. The Chicago-based outplacement firm said December firings dropped 29 percent from the same month a year earlier.

    …Cue desperate spin from the right…

  3. reid says:

    Such is the awesome power of Boehner and his gavel.