A new survey by payroll processing firm ADP shows that American companies demonstrated strong hiring in January. Experts had predicted that 2015 would continue workforce momentum from 2014, and ADP's findings indicate encouraging growth across sectors. In total, the firm estimates that the economy added 213,000 jobs last month. While that number is positive, it did mark the slowest rate of growth in the last four months.
According to the Associated Press, a forthcoming report from the Department of Labor should place hiring for January around 230,000, based on predictions by FactSet. ADP's figures primarily account for hiring by private companies, whereas Labor Department statistics give a fuller view of job creation by government agencies, lending more comprehensive data to the story.
Most significantly, the increase marks the continuation of a solid trend: Over the last 10 months, hiring increased by 200,000 jobs in nine of them. This is encouraging news for businesses in all areas of the economy, and manufacturing posted respectable gains in January.
Last month, manufacturers added 14,000 new workers nationwide. That figure is significantly down from the 23,000 jobs that were added in January, but could lead to a spike in the coming months. The favorable hiring climate is due to other economic factors that have contributed to recovery since the recession, says Christopher Rugaber, AP economics writer.
The economy expanded at a 4.1 percent annual pace in the final nine months of last year," he writes. "Consumers ramped up their spending in the fourth quarter at the fastest pace since 2006, as lower gas prices and steady job growth boosted their spending power. Most analysts expect the economy to grow this year at the fastest pace in a decade."
Thus far, 2015 has delivered on predictions that this will be a strong economic year in the U.S.