News / Economy

US Employers Adding Jobs at Fast Pace

FILE - UPS delivery man pushes a trolley of packages in New York, Dec. 27, 2013.
FILE - UPS delivery man pushes a trolley of packages in New York, Dec. 27, 2013.
Reuters
U.S. private employers hired staff at the fastest pace in 13 months in December, data from a payrolls processor showed Wednesday, burnishing expectations that similar figures due later in the week from the government will confirm the U.S. economy was gathering steam at the end of last year.
 
Companies added 238,000 jobs last month after an upwardly revised 229,000 in November, the ADP National Employment Report showed, topping expectations in a Reuters poll for a gain of 200,000. It was the largest monthly gain since November 2012 and brought a three-month average of corporate hiring to nearly 225,000 a month, the fastest such pace in 21 months.
 
“We're now going to start to see an economic recovery more typical of the economic recoveries we've seen historically,” said Mark Zandi, chief economist at Moody's Analytics, which jointly develops the report with payrolls processor ADP. “It feels like the jobs market has kicked into a higher gear.”
 
The data was also likely a welcome affirmation of positive economic momentum for policy makers at the U.S. Federal Reserve, who last month were confident enough in the recent improvement in activity to set plans to scale back their massive stimulus program.
 
U.S. stocks were modestly lower following the report, while the euro fell to a one-month low against the dollar. The dollar also extended its gains against the yen.
 
U.S. Treasury bond prices extended their decline, with the benchmark 10-year Treasury notes last trading 12/32 lower in price with a yield of 2.982 percent, up 4.5 basis points from late on Monday.
 
The ADP report comes two days ahead of the government's nonfarm payrolls report, a measure of the labor market that is more comprehensive and includes both public and private sector employment. Analysts are looking for 196,000 jobs to have been added in December, and a rise in private payrolls of 195,000. Both numbers would represent slight declines from November.
 
Moody's Zandi said that based on the ADP report, he estimated that payrolls would show 230,000 jobs created in December.
 
In the ADP report, November's job growth figure was revised up to 229,000 from the initially reported 215,000.
 
Separately, applications for U.S. home mortgages rose 2.6 percent in the latest week, rebounding from a 13-year low set at the end of last year, according to the Mortgage Bankers Association.
 
Recent data has pointed to acceleration in economic conditions. On Tuesday, the Commerce Department said the November U.S. trade deficit was the smallest in four years as exports hit a record high and weak oil prices restrained import growth.
 
Also on Wednesday, retail industry tracker ShopperTrak said that sales rose 2.7 percent in the November-December holiday shopping season, boosted by promotions and discounts. J.C. Penney Co. Inc., which has struggled to grow its sales after massive declines, described its holiday performance as pleasing, and affirmed its fourth-quarter outlook.
 
Investors have been especially sensitive to signs of economic improvement ever since the U.S. Federal Reserve in December announced that it would begin to slow its massive stimulus program, which was a major contributor to the S&P 500's rally of nearly 30 percent in 2013.
 
Since the Fed said it would begin to slow the program when certain economic indicators met its targets, some traders had previously taken strong data as a negative because it suggested a faster end to the program.

You May Like

Myanmar Fighting Poses Dilemma for China

To gain some insight into conflict, VOA’s Steve Herman spoke with Min Zaw Oo, director of ceasefire negotiation and implementation at Myanmar Peace Center More

Australia Concerned Over Islamic State 'Brides'

Canberra believes there are between 30 and 40 Australian women who have taken part in terror attacks or are supporting the Islamic State terror network More

Recreational Marijuana Use Now Legal in Washington, DC

Law allows adults 21 and over to privately possess and smoke 0.05 kilogram of pot, and to grow small amounts of the plant More

This forum has been closed.
Comment Sorting
Comments
     
by: Ian from: USA
January 08, 2014 2:21 PM
The questions is whether the number of jobs which US companies & corporations plan to outsourcing to China in the future is bigger than the number that they will hire inside the US

"Companies added 238,000 jobs last month after an upwardly revised 229,000 in November"

On November 27th VOA has this in another article

"The U.S. government said Wednesday that 316,000 jobless workers made initial claims for unemployment compensation last week, 10,000 fewer than the week before and the lowest figure in two months."

316,000 - 238,000 = 78,000 jobs lost a month still!

Until the number of claims is smaller than the number of new hirings, dare we say the patient is still bleeding?

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Supreme Court Hears Hijab Discrimination Casei
X
Katherine Gypson
February 25, 2015 11:30 PM
The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video US Supreme Court Hears Hijab Discrimination Case

The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video Falling Gas Prices Hurt Nascent Illinois Hydraulic Fracturing Industry

Falling oil prices are helping consumers purchase cheaper petroleum at the pump. But that’s made hydraulic fracturing or “fracking” less economically viable for the companies in the United States invested in the process. VOA’s Kane Farabaugh reports on one Midwestern town that was hoping to change its fortunes by cashing in on the next big U.S. oil boom.
Video

Video Fighting in Sudan's South Kordofan Fuels Mass Displacement

Heavy fighting in Sudan's South Kordofan state is causing hundreds of thousands to flee into uncertain conditions. Local aid organizations estimate as many as 400,000 civilians have been internally displaced since the conflict began more than three years ago, while another 250,000 have fled across the border to refugee camps in South Sudan. VOA's Adam Bailes reports.
Video

Video Lao Dam Project Runs Into Opposition

A Lao dam project on a section of the Mekong River is drawing opposition from local fishermen, international environmental groups and neighboring countries. VOA's Say Mony visited the region to investigate the concerns. Colin Lovett narrates.
Video

Video A Filmmaker Discovers Her Biracial Identity in "Little White Lie

Lacey Schwartz grew up in an upper middle-class Jewish family, in a town in upstate New York where almost everyone she knew was white. She assumed that she was, as well. Her recent documentary, Little White Lie, tells the story of how she uncovered the secret of her true racial background. VOA’s Carolyn Weaver has more on the film.
Video

Video Deep Under Antarctic Ice Sheet, Life!

With the end of summer in the Southern hemisphere, the Antarctic research season is over. Scientists from Northern Illinois University are back in their laboratory after a 3-month expedition on the Ross Ice Shelf, the world’s largest floating ice sheet. As VOA’s Rosanne Skirble reports, they hope to find clues to explain the dynamics of the rapidly melting ice and its impact on sea level rise.
Video

Video US-Cuba Normalization Talks Resume Friday

Negotiations aimed at normalizing diplomatic relations between the U.S. and Cuba resume Friday. On the table: lifting a half-century trade embargo and easing banking and travel restrictions. There's opposition in Congress, but some analysts say there may be sufficient political and economic incentives in both nations for a potential breakthrough this year. VOA's Mil Arcega reports.
Video

Video Pakistan's Deadline For SIM Registration Has Cellphone Users Scrambling

Pakistani cell phone users have until midnight Thursday to register their SIM cards, or their service will be cut off. While some privacy experts worry about government intrusion, many Pakistanis are just worried about keeping their phone lines open. VOA Deewa reporter Arshad Muhmand has more from Peshawar.
Video

Video Myanmar Warns Factory Workers to End Strikes

Outside Myanmar's main city Yangon, thousands of workers walked off their jobs earlier this month demanding a doubling of their wages, pay raises after a year and input from labor unions on industrial regulations. Since Friday, the standoff has grown more tense as police moved in to disrupt the sit-ins, resulting in clashes that injured people from both sides. VOA correspondent Steve Herman visited industrial zones which have become a focus of Myanmar's fledgling workers rights movement.
Video

Video Oscar Winners Do More Than Thank the Academy

The Academy Awards presentation is Hollywood’s night to reward the best movies from the previous year. It’s typically a lot of glitter, a lot of thank you’s, a lot of speeches. But many of this year’s speeches carried messages beyond the thank you's. VOA’s Carolyn Presutti takes a look.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

World Currencies

EUR
USD
0.8813
JPY
USD
118.91
GBP
USD
0.6458
CAD
USD
1.2441
INR
USD
61.967

Rates may not be current.