Not Hot, but not not: ADP shows employment increased by 187K from December to January
Private-sector employment increased by 187K from December to January in today's ADP employment report. We are glad to see employment increasing, but these numbers are more indicative of a holding pattern than of real employment growth. In order to really reduce the slack in the employment market, we need numbers at least above 200K to start pulling in folks from the sidelines. As a reference, employment payrolls increased by about the same number in January 2006. Given, the last few months have been bad, but we would like to see much higher numbers before we say, employment is here to stay. Via ADP:
According to the ADP Report, employment in the service-providing sector rose by 166,000 in January, marking twelve consecutive months of employment gains. Employment in the goods-producing sector rose 21,000, the third consecutive monthly gain. Manufacturing employment rose 19,000, also the third consecutive monthly gain.