The just released ADP Employment report for December shows the single largest increase in private payrolls since records began in 2001 with the previous best being 275,000 in February 2006. While consensus had expected a gain of 178,000 the actual number came in at 325,000 while November was revised a tad down by 2,000 to 204,000.
The gains were driven by the service sector, which added 273,000 jobs while manufacturing and goods-producing added 22,000 and 52,000, respectively; much more than in November (6K and 28K). Looking at the various sizes of companies, small companies added 148,000, medium-sized 140,000 and large companies the remaining 37,000.
Update:
Initial Jobless Claims out at 372K vs. 375K expected and 387K prior.
Continuing Jobless Claims out at 3,595K vs. 3,570K expected and 3,617K prior.
Mads Koefoed,
SAXO BANK