US ADP private employment grew 245k in December, well above expectation of 145k. By sector, goods-producing jobs rose 22k while service-providing jobs rose 213k. By establishment size, small companies added 195k jobs and medium companies added 191k. But large companies cut -151k jobs. Annual pay for job-stays were up 7.3% yoy,
Nela Richardson Chief Economist, ADP, said: “The labor market is strong but fragmented, with hiring varying sharply by industry and establishment size. Business segments that hired aggressively in the first half of 2022 have slowed hiring and in some cases cut jobs in the last month of the year.”
