Pennsylvania Trust

ADP Numbers Were Great

ADP Numbers Were Great

A 271,000 surge in the ADP number (private payrolls) in December provides further evidence that the US economy remains in a healthy shape going into 2019.

Graph of ADP numbers.

  • This is the highest number of monthly new hires since February of 2017.
  • The services sector led the way as professional businesses & services, education & health and leisure & hospitality all saw a stronger than expected pace of hiring.
  • For non-services, construction also surprised to the upside while manufacturing employment growth showed some softness compared to a year ago.
  • This is supportive of the Fed’s dot plot for hikes to continue this year although Fed Funds futures disagree.

Other Econ News

  • Initial Jobless Claims crept higher this week
  • Based on ADP, ISM employment number might disappoint when released at 10:00

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