(National Sentinel)Â Economy:Â The Trump bump in jobs and economic growth is turning into the Trump trend, asÂ private-sector job growth expanded at a “rip-roaring” pace last month, according to payroll processor ADP.
As reported byÂ MarketWatch, employers “added a seasonally adjusted 253,000 during the month, payroll processor ADP said. Mark Zandi, chief economist for Moodyâ€™s Analytics, which helps produce the report, called job growth ‘rip-roaring.'”
The site noted further:
That was a much stronger pace of hiring than the Econoday consensus, which had called for 170,000 jobs. Economists watch ADPâ€™s report for clues about the governmentâ€™s monthly payroll data, due out Friday, though ADP has an imperfect record of forecasting the Labor Departmentâ€™s numbers. The MarketWatch consensus for the government data is for a gain of 185,000 jobs.
ADP’s Zandi said job growth was likely averaging about 200,000 a month, and growing at a pace ofÂ about 80,000 per month, meaning a lower, 4-percent unemployment rate is “dead ahead.”