{"id":200747,"date":"2024-01-04T10:30:00","date_gmt":"2024-01-04T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=200747"},"modified":"2024-01-04T16:39:22","modified_gmt":"2024-01-04T21:39:22","slug":"private-employment-shows-robust-growth-in-december-what-it-means-for-fridays-key-jobs-report","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/private-employment-shows-robust-growth-in-december-what-it-means-for-fridays-key-jobs-report\/","title":{"rendered":"Private Employment Shows Robust Growth In December: What It Means For Friday&#8217;s Key Jobs Report"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-zinger-key-points\">ZINGER KEY POINTS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Layoffs stabilizing, hiring consistent in late 2023; high labor costs persist.<\/li>\n\n\n\n<li>2024 outlook: Slower hiring, continued job cuts expected, albeit at reduced rate.<\/li>\n<\/ul>\n\n\n\n<p>The pace of monthly employment growth in the private sector of the United States showed a marked improvement in December, indicating the strong resilience of&nbsp;<a href=\"https:\/\/www.benzinga.com\/topic\/labor-market\" target=\"_blank\" rel=\"noreferrer noopener\">the U.S. labor market.<\/a><\/p>\n\n\n\n<p>According to&nbsp;<strong>Automatic Data Processing Inc.<\/strong>, private employers added 164,000 new payrolls in December, surpassing the November figure of 101,000 and exceeding the expected 115,000.<\/p>\n\n\n\n<p>Construction saw an increase of 24,000 jobs, and financial activities added 18,000 jobs. Conversely, job losses were observed in manufacturing (-13,000), information services (-2,000), and natural resources and mining (-2,000). Simultaneously, pay growth remained sluggish, with existing employees experiencing a 5.4% pay raise, while those switching jobs enjoyed an 8% increase in earnings.<\/p>\n\n\n\n<p>&#8220;We&#8217;re returning to a labor market that&#8217;s very much aligned with pre-pandemic hiring. While wages didn&#8217;t drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared,\u201d&nbsp;<strong>Nela Richardson<\/strong>, chief economist at ADP, added.<\/p>\n\n\n\n<p>The release of the ADP National Employment Report precedes the highly anticipated data on non-farm payrolls, along with the unemployment rate and wage growth, scheduled to be released by the Bureau of Labor Statistics this Friday. Economist predict non-farm payrolls to come in at 170,000 in December, down from November\u2019s 199,000.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Job Cuts Slow<\/h2>\n\n\n\n<p>In other news,&nbsp;<strong>Challenger, Gray &amp; Christmas, Inc.&nbsp;<\/strong>reported a decrease in job cuts for December 2023, with U.S.-based employers cutting 34,817 jobs. This was a decline from the 45,510 job cuts reported in November and marked the lowest figure in five months, as well as the second-lowest of the year. Throughout 2023, companies had planned a total of 721,677 job cuts, representing a 98% increase from the 363,824 cuts announced in 2022.<\/p>\n\n\n\n<p><strong>Andy Challenger<\/strong>, senior vice president of Challenger, Gray &amp; Christmas, Inc., commented, \u201cLayoffs have started to stabilize, and hiring has remained consistent as we close out 2023. However, labor costs remain high. Employers are still exercising caution and cost-cutting measures as we enter 2024, so the hiring process may slow for many job seekers, and job cuts will likely continue in Q1, albeit at a slower pace.\u201d<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted January 4, 2024 &#8211; <a href=\"https:\/\/www.benzinga.com\/economics\/macro-economic-events\/24\/01\/36489628\/private-employment-shows-robust-growth-in-december-what-it-means-for-fridays-key-\">Private Employment Shows Robust Growth In December: What It Means For Friday&#8217;s Key Jobs Report<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pace of monthly employment growth in the private sector of the United States showed a marked improvement in December, indicating the strong resilience of the U.S. labor 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