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ADP: Jobs growth in December beats expectations

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ADP: Jobs growth in December beats expectations

Middle market creates 70,000 jobs; 241,000 jobs created during the month overall.

Private sector employment increased by 241,000 jobs from November to December, according to payroll processing giant ADP. Middle market companies led the way with 70,000 new workers, which comprised 29% of the total.

Analysts had expected an increase of 226,000 overall.

"The economy will be back to full employment by this time next year.”

Goods-producing employment rose by 46,000 jobs in December, up from 40,000 jobs gained in November. The construction industry added 23,000 jobs, up from last month’s gain of 20,000.

Meanwhile, manufacturing added 26,000 jobs in December, well above November’s 16,000 and the second highest monthly total of 2014 in that sector.

Service-providing employment rose by 194,000 jobs in December, up from 187,000 in November. Professional/business services contributed 69,000 jobs, and expansion in trade/transportation/utilities grew by 44,000, down from November’s 54,000.

The 16,000 new jobs added in financial activities was well above last month’s 5,000 and represented the largest monthly gain for 2014 in that sector.

"December delivered another strong number well above 200,000 to close out a solid year of employment growth with over two and a half million jobs added,” said Carlos Rodriguez, president and chief executive officer of ADP. “Small businesses continued to lead the way, but mid-sized and large companies also showed solid gains.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to power forward. Businesses across all industries and sizes are adding to payrolls. At the current pace of job growth, the economy will be back to full employment by this time next year.”

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