As reported at CNBC, ADP reports show payrolls added 246,000 new workers in January. Analysts had estimated only 165,000 jobs.
Private companies kicked off the new year with a hiring spree, according to the latest report from ADP and Moody’s Analytics.
Amid an explosive month surrounding President Donald Trump’s inauguration and the flurry of activity that followed, firms added 246,000 new workers to their payrolls, the report showed.
That compared to expectations of 165,000 from economists surveyed by Reuters and marked a substantial jump from the downwardly revised 151,000 — initially reported as 153,000 — in December. January also turned in the best single-month performance since June.
Goods-producing companies hired 46,000 workers, the highest in two years. Construction jobs led the way with 25,000, while manufacturing added 15,000 and natural resources and mining contributed 6,000. During the campaign, Trump promised to bring back blue-collar jobs, particularly in mining.
The news gave stock market futures a bump, while the dollar was higher across the board and government bond yields also were on the rise.