By Jon Dougherty
(TNS) As if to put an exclamation point on President Donald Trump’s economic achievements he touted during Tuesday’s State of the Union Address, ADP and Moody’s Analytics announced on Wednesday that private payrolls soared in January, marking the best one-month gain in five years.
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According to the report, private payrolls grew at twice the anticipated rate during a month that is historically slow for employers following the holiday shopping season.
The jobs market kicked off 2020 in grand fashion, adding 291,000 in private payrolls for the best monthly gain since May 2015, according to a report Wednesday from ADP and Moodyâ€™s Analytics.
That was well above the 150,000 estimate from economists surveyed by Dow Jones and more evidence that the U.S. still is a good distance from full employment even with the jobless rate at its lowest point in more than 50 years. The total also was a sharp gain from the 199,000 in December, which was revised down 3,000 from the initial count.
The jobs growth occurred across a host of industries, the analytics report noted.
The leisure and hospitality industry added 96,000 new jobs, leading the way, while education and health services added an additional 70,000. Professional and business services posted 49,000 new positions, while construction jobs rose 47,000 — the best since 62,000 were added in January 2019.
Manufacturing jobs rose by 10,000, the biggest one-month gain since February 2019.
“In all, services added 237,000 positions compared with 54,000 for goods producers. Trade transportation and utilities rose by 8,000, while the information and financial activities sectors contributed 2,000 apiece. Natural resources and mining was the sole loser with a drop of 2,000,” CNBC reported.
â€œItâ€™s juiced by very mild winter weather,â€ said Mark Zandi. â€œThe fingerprints of that are all over this report.â€
The leisure and hospitality industry is very weather-dependent, ADP and Moody’s notes, getting a boost from milder temps and lower precipitation.
The jobs figures come after Trump spent a major portion of his address Tuesday praising job growth and expansion of economic opportunities during his first term.
Non-farm payrolls have grown by 6.7 million since the president was inaugurated in January 2017.
â€œIncredibly, the average unemployment rate under my administration is lower than any administration in the history of our country,â€ Trump said. â€œIf we had not reversed the failed economic policies of the previous administration, the world would not now be witness to Americaâ€™s great economic success.â€
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