US private-sector employment shrank in December for the first time in 8 months, ADP says
- The US lost 123,000 private payrolls in December, according to ADP's monthly employment report.
- The reading marks the first contraction in nationwide hiring since April.
- Economists surveyed by Bloomberg expected an increase of roughly 75,000 payrolls.
- ADP's report precedes the US Bureau of Labor Statistics' monthly nonfarm payrolls data set for Friday release. The government report is expected to show a mild increase of 50,000 payrolls.
Employment shrank in December for the first time in eight months as stricter COVID-19 lockdown measures cut into economic growth.
The country's private sector shed 123,000 payrolls last month, according to the ADP monthly employment report published Wednesday morning. Economists surveyed by Bloomberg expected an increase of 75,000 payrolls. The decline is the first seen since the coronavirus pandemic slammed hiring activity in early 2020.The reading also lands below the revised 304,000 total for November. The labor market's recovery weakened through the end of 2020 as COVID-19 cases surged higher and prompted state and local governments to reinstate economic restrictions.
While COVID-19 vaccines are expected to lift the US
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