Company Payrolls Rise by Most Since November 2012
U.S. companies boosted payrolls by the most since November 2012, according to a private report released Jan. 8.
Employment increased by 238,000 in December following a revised 229,000 gain in November that was larger than the initial estimate, according ADP Employer Services.
Economists had forecast a 200,000 increase in December, Bloomberg News reported.
Employment in transportation, trade and utilities increased by 47,000, and construction employment increased by 48,000 in December, the largest gain since February 2006, Bloomberg reported.
“The job market ended 2013 on a high note,” Mark Zandi, chief economist at Moody’s Analytics Inc., said in a statement.
“Job gains are broad-based across industries, most notably in construction and manufacturing. It appears that businesses are growing more confident and increasing their hiring,” Zandi said.
Job growth would help generate more incomes and spur consumer spending, which accounts for about 70% of the economy, according to Bloomberg.
The Labor Department will release its monthly employment report Jan. 10, with economists forecasting an increase of 195,000 workers, Bloomberg reported.
