NEW YORK (Reuters) - U.S. private employers added 241,000 jobs in December, beating the median forecasts of analysts and bringing their annual hiring to 2.5 million for 2014, a report by a payrolls processor showed on Wednesday.
December’s private job gain was broad based despite concerns about downsizing at oil-related companies that have seen a dramatic fall in crude prices to 5-1/2 year lows on Tuesday. CLc1 [O/R]
“That’s a good sign that (job growth is) not dependent on any one industry,” said Ahu Yildirmaz, head of ADP Research Institute on a conference call with reporters after the release of the data.
She said there was a decline in jobs in mining and natural resources in December, but did not provide a specific figure.
Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 226,000 jobs.
November’s private payrolls were revised up to 227,000 from the previously reported 208,000.
The report is jointly developed with Moody’s Analytics.
The ADP figures come ahead of the U.S. Labor Department’s more comprehensive nonfarm payrolls report on Friday, which includes both public and private sector employment.
Economists polled by Reuters are looking for total U.S. employment to have grown by 240,000 jobs in December, down from 321,000 in November, with private-sector hiring seen at 230,000 compared with 314,000 the month before. The unemployment rate is seen dipping from 5.8 percent to 5.7 percent, which would be the lowest since June 2008. USNFAR=ECI USUNR=ECI
Most economists did not alter their payroll forecasts after the latest ADP figures.
“ADP rarely if ever forces us to reconsider our estimate for payrolls. This go round is no different,” Eric Green, head of U.S. rates and economic research at TD Securities wrote in a research note.
Reporting by Richard Leong; Editing by Meredith Mazzilli