(National Sentinel) Economy: The Trump bump in jobs and economic growth is turning into the Trump trend, as private-sector job growth expanded at a “rip-roaring” pace last month, according to payroll processor ADP.
As reported by MarketWatch, employers “added a seasonally adjusted 253,000 during the month, payroll processor ADP said. Mark Zandi, chief economist for Moody’s Analytics, which helps produce the report, called job growth ‘rip-roaring.'”
The site noted further:
That was a much stronger pace of hiring than the Econoday consensus, which had called for 170,000 jobs. Economists watch ADP’s report for clues about the government’s monthly payroll data, due out Friday, though ADP has an imperfect record of forecasting the Labor Department’s numbers. The MarketWatch consensus for the government data is for a gain of 185,000 jobs.
ADP’s Zandi said job growth was likely averaging about 200,000 a month, and growing at a pace of about 80,000 per month, meaning a lower, 4-percent unemployment rate is “dead ahead.”