2014 ended on a strong note with private employers in the U.S. adding 241,000 new jobs. It’s the fourth consecutive month that ADP’s National Employment Report showed job growth over 200,000 and was well above the 225,000 jobs forecast by economists.
“The job market continues to power forward,” said Mark Zandi, chief economist of Moody’s Analytics which compiles ADP’s payroll data. “At the current pace of job growth, the economy will be back to full employment by this time next year.”
Based on ADP’s monthly reports, the U.S. economy added almost 2.5 million private sector jobs during the year. The U.S. government’s Bureau of Labor Statistics shows 2.5 million new public and private jobs for the year through November. The government’s December numbers will be released Friday. Economists expect that report to show 240,000 total new jobs; 228,000 are forecast to have come from the private sector.
Most of the new jobs came in the service sector, with the professional and business category contributing 69,000. That group includes temp and contract labor, one of the fastest-growing sectors.
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Goods producers accounted for 46,000 new jobs. Construction jobs grew by 23,000, while manufacturers created 26,000 new jobs.
Small employers (under 50 employees) once again were responsible for the largest share of new jobs, adding 106,000 workers to payrolls during December. Those with headcounts between 50 and 499 added 70,000 workers. The balance came from larger employers.