Midsized Companies a Strong Performer
The amount of unemployed, which includes 6.3 million in December, continues to come under the amount of job openings, still signifying a strong labor market. Additionally, monthly nonfarm payroll gains are currently averaging 240,000 the past three months, which represents the fastest pace since the middle of 2016.
According to the ADP and Moody’s report, the highest number of jobs were created in the professional and businesses services sector with 49,000. Construction came in second with 25,000, while positions on Wall Street rose by 21,000 and manufacturing gained 17,000.
Midsized companies saw the most job creations with 95,000, while large businesses added 77,000 and small businesses were up 12,000.
“Midsized companies have been the strongest performer for the past year,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “There was a sharp decline in small business growth as these firms continue to struggle with offering competitive wages and benefits.”
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