Private employers in US increased their hiring in the month of December last year plus companies decided to stop the layoff leading to the higher rate of employment in US last year.
This is likely to lead to make Federal Reserve increase interest rates in March.
The Labour Department said that the labour market is near full employment, with the unemployment rate as low as 4.1%, lowest in 17 years.
The ADP Research Institute reported that private employment has increased by 250,000 jobs in December, the biggest since March. This actual growth is way more than expectations of experts (190,000). This report is jointly made with Moody’s Analytics.
Manufacturing sector employment rose by 9,000 while employment in the construction sector grew by 16,000. Service sector added to it too by showing an increase of 222,000 jobs last month.