Positive Trends in Private Sector Employment
December saw a robust increase in private sector employment, signaling a strong end to 2023 for the U.S. job market. According to ADP, private payrolls jumped by 164,000, surpassing both the previous month’s figures and market expectations. This growth, higher than November’s revised 101,000 and above the Dow Jones estimate of 130,000, reflects the labor market’s resilience.
Sector-Specific Growth
The leisure and hospitality sector led December’s job gains, adding 59,000 positions, marking a recovery after a period of slowed job creation. This sector, which includes hotels, restaurants, and bars, had previously been heavily impacted by the Covid pandemic. Notably, construction and other services sectors also showed significant job additions, contributing to the month’s overall employment growth.
