Trump's Economy Continues to Soar; US Companies Add 202K Workers in December
The service sector provided 173,000 of those positions, reports say
The US economy under President Donald Trump finished on a high note in December, adding 202,000 new positions to the private sector payrolls.
The service sector provided 173,000 of those positions, the ADP and Moody’s Analytics report revealed on Wednesday.
Additionally, small and medium-sized companies made up a majority of the hiring as small businesses (1-49 employees), adding 69,000 new jobs, while midsized employers (50-499 workers) brought on 88,000.
Meanwhile, the construction sector saw a 37,000 increase in employment, while the manufacturing sector lost 7,000 positions.
Vice president and co-head of the ADP Research Institute, Ahu Yildirmaz, said:
“The service providers posted the largest gain since April, driven mainly by professional and business services. Job creation was strong across companies of all sizes, led predominantly by midsized companies."
The chief economist of Moody’s Analytics, Mark Zandi, also noted that “manufacturers, energy producers, and small companies have been shedding jobs."
The total of 202,000 jobs added “was well above the 150,000 consensus estimate from economists surveyed by Dow Jones and sets the stage for the government’s official count that will be released Friday,” CNBC reported.
ADP also revised its November new jobs count from 67,000 to 124,000.
Ivanka Trump touted the gains made while her father has been in office at the Consumer Electronics Show in Las Vegas on Tuesday.
“This is a very, very exciting time to be in the workforce,” Trump said during her keynote remarks.
“One of the things that I’m really passionate about is there really is this blue-collar boom that is taking place,” she added.
“If you look at where wages are rising, they’re rising the fastest in the bottom quintile. They’re rising the fastest for blue-collar workers,” Trump said.
Neon Nettle reported last year that in November alone, America created 266,000 new jobs.
The data showed a record-breaking economy, despite earlier fears from critics of President Donald Trump of a possible recession in 2019 under his leadership.
The unemployment rate fell to 3.5 percent in November, matching the lowest level in 50 years, after 266k American jobs were added to the U.S. economy for the month.