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Private sector companies added 122,000 jobs in December, payroll processing firm ADP said Wednesday.
The figure was below economists’ estimate of 140,000 jobs and lower than last month’s reading of 146,000.
“The labor market eased to a more modest pace of growth in the final month of 2024, with hiring and wage gains slowing,” said Nela Richardson, ADP’s chief economist. “Healthcare stood out in the second half of the year, creating more jobs than any other sector.”
Private sector companies added 122,000 jobs in December, payroll company ADP said. The figure is below economists’ estimates of 140,000 jobs. (Justin Sullivan/Getty Images)
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The education and health sector added 57,000 jobs, leading job creation in December. Construction added 27,000 jobs; leisure and hospitality added 22,000 jobs; other services contributed 13,000, and financial activities 12,000.
The construction industry added 27,000 jobs in December, ADP said. (David L. Ryan/The Boston Globe via / Getty Images)
Employment slowed in manufacturing (-11,000), natural resources and mining (-6,000), and professional and business services (-5,000).
A worker operates one of the metal cutting machines at the Gent Machine Co. factory. in Cleveland, Ohio, May 26, 2021. (Timothy Aeppel / Reuters photos)
Large companies – those with 500 or more employees – have been added 97,000 jobs per month. Companies with 50 to 499 employees employed 9,000 workers. Companies with fewer than 50 employees added 5,000 jobs.
Wage growth fell to an annualized 4.6% in December, the slowest pace since July 2021, ADP said.
