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.
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

Germany Celebrates 25 Years of Unity

October 3 is a public holiday, marking the day in 1990 when East Germany and West Germany reunited More

Analysts: Russia's Syria Strikes Shake Regional Powers

If Moscow bolsters Assad, Saudi Arabia, other Gulf countries may feel obliged to step in More

Video Innovative Nano-Tech Water Filter Prevents Disease

It can absorb contaminants like copper, bacteria, viruses and pesticides, says Askwar Hilonga, who has been successfully trying out his product in Arusha More

This forum has been closed.
Comment Sorting
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.
Russia’s Syria Involvement Raising Concerns in Europei
Luis Ramirez
October 02, 2015 4:45 PM
European nations are joining the United States in demanding that Russia stop targeting opposition groups other than the Islamic State militants as Russian warplanes continue to conduct raids in Syria. The demand came in a statement from Britain, France, Germany, Qatar, Saudi Arabia, Turkey and the United States Friday. VOA Europe correspondent Luis Ramirez reports.

Video Russia’s Syria Involvement Raising Concerns in Europe

European nations are joining the United States in demanding that Russia stop targeting opposition groups other than the Islamic State militants as Russian warplanes continue to conduct raids in Syria. The demand came in a statement from Britain, France, Germany, Qatar, Saudi Arabia, Turkey and the United States Friday. VOA Europe correspondent Luis Ramirez reports.

Video First Self-Driving Truck Debuts on European Highways

The first automated semi-trailer truck started its maiden voyage Friday, Oct. 2, on a European highway. The Daimler truck called 'Actros' is the first potentially mass-produced truck whose driver will be required only to monitor the situation, similar to the role of an airline captain while the plane is in autopilot mode. VOA’s George Putic reports.

Video Nano-tech Filter Cleans Dirty Water

Access to clean water is a problem for hundreds of millions of people around the world. Now, a scientist and chemical engineer in Tanzania (in East Africa) is working to change that by creating an innovative water filter that makes dirty water safe. VOA’s Deborah Block has the story.

Video Demand Rising for Organic Produce in Cambodia

In Cambodia, where rice has long been the main cash crop, farmers are being encouraged to turn to vegetables to satisfy the growing demand for locally produced organic farm products. Daniel de Carteret has more from Phnom Penh.

Video Migrant Influx Costs Europe, But Economy Could Benefit

The influx of hundreds of thousands of refugees and migrants is testing Europe’s ability to respond – especially in the poorer Balkan states. But some analysts argue that Europe will benefit by welcoming the huge numbers of young people – many of them well educated and willing to work. Henry Ridgwell reports from London.

Video Botanists Grow Furniture, with Pruning Shears

For something a bit out of the ordinary to furnish your home, why not consider wooden chairs, crafted by nature, with a little help from some British botanists with an eye for design. VOA’s Jessica Berman reports.

Video New Fabric Helps Fight Dust-Related Allergies

Many people around the world suffer from dust-related allergies, caused mainly by tiny mites that live in bed linen. Polish scientists report they have successfully tested a fabric that is impenetrable to the microscopic creatures. VOA’s George Putic has more.

Video Burkina Faso's Economy Deeply Affected by Political Turmoil

Political turmoil in Burkina Faso over the past year has taken a toll on the economy. The transitional government is reporting nearly $70 million in losses in the ten days that followed a short-lived coup by members of the presidential guard earlier this month. The crisis shut businesses and workers went on strike. With elections on the horizon, Emilie Iob reports on what a return to political stability can do for the country's economic recovery.

Video Fleeing Violence, Some Syrians Find Refuge in Irbil

As Syrians continue to flee their country’s unrest to seek new lives in safer places, VOA Persian Service reporter Shepol Abbassi visited Irbil, where a number Syrians have taken refuge. During the religious holidy of Eid al-Adha, the city largely shut down, as temperatures soared. Amy Katz narrates his report.

Video Nigeria’s Wecyclers Work for Reusable Future in Lagos

The streets and lagoons of Africa's largest city - Lagos, Nigeria - are often clogged with trash, almost none of which gets recycled. One company is trying to change that. Chris Stein reports for VOA from Lagos.

Video Sketch Artist Helps Catch Criminals, Gives a Face to Deceased

Police often face the problem of trying to find a crime suspect based on general descriptions that could fit hundreds of people in the vicinity of the crime. In these cases, an artist can use information from witnesses to sketch a likeness that police can show the public via newspapers and television. But, as VOA’s Greg Flakus reports from Houston, such sketches can also help bring back faces of the dead.

Video Thailand Set to Build China-like Internet Firewall

Thai authorities are planning to tighten control over the Internet, creating a single international access point so they can better monitor content. VOA Correspondent Steve Herman reports from Bangkok on what is being called Thailand’s own "Great Firewall."

Video Croatian Town’s War History Evokes Empathy for Migrants

As thousands of Afghanistan, Iraqi and Syrian migrants pass through Croatia, locals are reminded of their own experiences with war and refugees in the 1990s. VOA's Daniel Schearf reports from the town of Vukovar, where wartime scars still are visible today.

Video Long Drought Affecting California’s Sequoias

California is suffering under a historic four-year drought and scientists say even the state's famed sequoia trees are feeling the pain. The National Park Service has started detailed research to see how it can help the oldest living things on earth survive. VOA’s George Putic reports.

VOA Blogs

World Currencies


Rates may not be current.