U.S. private-sector employment jumped a record 297,000 in December, according to Automatic Data Processing Inc.'s employment report released today, signaling that the economic recovery is picking up its pace.
Employment in the service-producing sector rose 270,000, the largest monthly increase in the series that dates back to 2000. Employment in the goods-producing sector rose 27,000, the largest increase since February 2006.
"Strength was also evident within all major industries and every size business tracked," the ADP report stated. "This month's ADP National Employment Report suggests nonfarm private employment grew very strongly in December, at a pace well above what is usually associated with a declining unemployment rate. After a mid-year pause, employment seems to have accelerated."
The ADP index measures the payrolls of more than 500,000 corporate clients across the country.
The stock market posted marginal gains with the positive employment data. The largest local gainers in the BizTimes Stock Index this morning were Manpower Inc. (up $1.16 to $64.46), Harley-Davidson Inc. (up $1.13 to $35.99)and Modine Manufacturing Co. (up 77 cents to $17.38).
Jobs report shows robust growth in hiring
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