Trump Economy Continues Winning as US Companies Add 202K Workers in December: Report
The jobs market finished 2019 on a high note, adding 202,000 new positions to the private sector payrolls in December.
According to an ADP and Moody’s Analytics report released on Wednesday, the service sector provided 173,000 of those positions.
Meanwhile, small and medium sized companies made up a bulk of the hiring, with small businesses (1-49 employees) adding 69,000 new jobs, while midsized employers (50-499 workers) brought on 88,000.
The #Jobs market finished 2019 strong, adding 202,000 new positions to the private payrolls in December! pic.twitter.com/0UfN3BcOc3
— Randy DeSoto (@RandyDeSoto) January 8, 2020
The construction sector saw a 37,000 increase in employment, while the manufacturing sector lost 7,000 positions.
“The service providers posted the largest gain since April, driven mainly by professional and business services. Job creation was strong across companies of all sizes, led predominantly by midsized companies,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“Manufacturers, energy producers and small companies have been shedding jobs,” noted Mark Zandi, chief economist of Moody’s Analytics.
The total 202,000 jobs added “was well above the 150,000 consensus estimate from economists surveyed by Dow Jones and sets the stage for the government’s official count that will be released Friday,” according to CNBC.
ADP also revised its initial November new jobs count from 67,000 to 124,000 created.
Ivanka Trump, who leads the Trump administration’s National Council for the American Worker, touted the gains made while her father has been in office at the Consumer Electronics Show in Las Vegas on Tuesday.
“This is a very very exciting time to be in the work force,” Trump said during her keynote remarks.
WATCH: @IvankaTrump on the Blue Collar Boom and rising wages under @realDonaldTrump! pic.twitter.com/DSJArTYvKT
— Team Trump (#TrumpSpeech) (@TeamTrump) January 8, 2020
“One of the things that I’m really passionate about is there really is this blue collar boom that is taking place,” she added.
“If you look at where wages are rising, they’re rising the fastest in the bottom quintile. They’re rising the fastest for blue collar workers,” Trump said.
The country has been experiencing its lowest unemployment rate since 1969, and the lowest ever for African-Americans, Hispanic-Americans and Asian-Americans.
Meanwhile, hourly wages have risen at their fastest rate in years, with those at the lowest end of the economic spectrum seeing the highest percentage gains.
Since President Donald Trump was elected, 7 million new jobs have been created.
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