Art Laffer, co-author of “The Trump Economic Miracle,” discusses “Kudlow” about President-elect Donald Trump's plan to clean up the government.
Payroll company ADP said Wednesday that private sector companies added 122,000 jobs in December.
The figure was lower than the 140,000 expected by economists and also lower than the 146,000 reported in the previous month.
“The labor market shifted down to a slower pace of growth in the final months of 2024, with both employment and wage growth slowing,” said Nela Richardson, chief economist at ADP. “Healthcare stood out in the second half of this year, creating more jobs than any other sector.”
Private sector companies added 122,000 jobs in December, according to payroll firm ADP. This figure is lower than the 140,000 jobs expected by economists. (Justin Sullivan/Getty Images)
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of Education and medical services sector It led job creation in December, adding 57,000 jobs. Construction added 27,000 jobs. Leisure and hospitality added 22,000 jobs. Other services added 13,000 and financial activities added 12,000.
The construction industry added 27,000 jobs in December, according to ADP. (David L. Ryan/via Boston Globe/Getty Images)
Employment slowed in manufacturing (-11,000 jobs), natural resources and mining (-6,000 jobs), and professional and business services (-5,000 jobs).
A worker operates one of the metal cutting machines at the Gent Machine Co. factory in Cleveland, Ohio, May 26, 2021. (Timothy Eppel/Reuters Photo)
Add large companies (companies with 500 or more employees) The number of jobs in the same month was 97,000. Companies with 50 to 499 employees employed 9,000 people. Establishments with fewer than 50 employees added 5,000 jobs.
Wage growth fell to an annual rate of 4.6% in December, the slowest growth rate since July 2021, according to ADP.
