U.S. private payrolls accelerate in December

[January 08, 2020]  WASHINGTON (Reuters) - U.S. private payrolls surged in December, but the pace of job growth was likely flattered by a seasonal quirk.

The ADP National Employment Report on Wednesday showed private payrolls jumped by 202,000 jobs last month after an upwardly revised 124,000 gain in November.

Economists polled by Reuters had forecast private payrolls advancing 160,000 last month following a previously reported 67,000 rise in November.

The ADP report, which is jointly developed with Moody's Analytics, was published ahead of the government's more comprehensive employment report for December scheduled for release on Friday. It has a poor record predicting the private payrolls component of the government's employment report.

According to a Reuters survey of economists, nonfarm payrolls likely increased by 164,000 jobs last month after surging 266,000 in November. The unemployment rate is forecast steady near a 50-year low of 3.5%.

(Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)

[© 2020 Thomson Reuters. All rights reserved.]

Copyright 2020 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.