On Wednesday, the ADP employment report indicated a gigantic 297,000 surge for December private payrolls. This gain is far outside even the most high-end of expectations for most economist's forecasts.
The ADP report came minutes before an additional Challenger Job cut report which showed the best reading in almost 11 years! Fewer layoffs are being announced -- the fewest since June 2000 according to Challenger's count which fell to 32,004 in December vs November's 48,711. The drop confirms last week's report on continued improvement in jobless claims where fewer claimants are filing for unemployment benefits.
The news is no doubt welcome for many and underscores the health of a recovery that is delivering on jobs growth more quickly than any recovery in recent history.
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