US ADP Report: Another blockbuster jobs report

Today ADP employment numbers were released from the US for the month of January.

ADP number shows the US labor markets remains strong.

There are two things to note in the headline that,

• ADP report indicates underlying strength in the economy. Trump effect remains active completely as goods-producing sector adding jobs, especially manufacturing.

• December payroll saw a revision, where the headline was revised down to 242,000 (from 250,000).
   

Key highlights –

• Non-farm private sector employment grew at 234,000 in January, the median expectation was for 185,000.
• The small business sector added 58,000 jobs, compared to 94,000 gain last month.
• Employment in franchise increases to 19,700 compared to last month’s 27,300.
• Mid-sized companies added 91,000 jobs compared to last month’s 100,000 jobs.
• The large sector added just 85,000 compared to last month’s 56,000 jobs.
• Manufacturing sector payroll registered 12,000 jobs gain compared to 9,000 jobs gain last month.
• 22,000 jobs were gained in the goods-producing sector, compared to last month’s 28,000 jobs gain.
• The construction sector added 9,000 jobs, compared to last month’s 16,000 jobs gain.
• Services sector employment remains high as payroll added 212,000 people in January. December gain was 222,000.

The dollar index is currently trading at 88.88, down 0.33 percent for the day so far.