A slight miss…
170K new jobs created in December is a slight miss from the 182 that analysts had expected.
It’s nothing too dramatic, though it is much lower than last month’s downwardly revised 292K.
It’s possible that this will cause some to shave their NFP expectations for Friday.
Markets are still up nicely on the day.
One interesting thing from the report is how little hiring was done by large businesses, and how much was done by small businesses.
ORIGINAL POST: It’s JOBS week, and the first big number is the ADP report for January.
Analysts expect 182K, which is well below last month’s monster 325K reading.
Remember, this only captures the private sector, so it’s not precisely analogous with the Non-Farm Payrolls report, but in general it’s a very good jobs indicator, as we pointed out in last month’s Chart Of The Day.