The number of new non-farm jobs created during the month of December is set to be released tomorrow morning at 8:30 AM, EST. The consensus forecast predicts a ho-hum 103,000 new jobs, but one analyst is taking the under.
U.S. private-sector employment fell by 40,000 in December, the first decline in nearly four years, according to the ADP employment report released Wednesday.
“These findings suggest an abrupt slowing of employment,” in contrast to relatively strong job growth averaging 121,000 over the past three months, said Joel Prakken, chairman of Macroeconomics Advisers, the economic firm that computes the ADP index from anonymous payroll data supplied by Automatic Data Processing Inc.
The ADP report’s results are in sharp contrast to the upbeat projections of economists for the government’s nonfarm payrolls survey to be released on Friday. Economists surveyed by MarketWatch are expecting payrolls — both public- and private-sector — to grow by about 103,000 for December.