ADP reports private-sector hiring picked up in January, as employers added 246,000 jobs, well above expectations. Economists expected only 168,000, compared with December’s 153,000. It was the fastest pace of job growth since June. Manufacturing added 15,000 jobs, the most since December 2014. 201,000 were added in the service sector and 46,000 for goods producers. The Labor Department issues its jobs report on Friday. Economists expects it to show 190,000 nonfarm jobs added in January compared to December’s 156,000
The Commerce Department reports Construction spending fell 0.2% in December, but was 4.2% higher compared to a year ago. Economists expected a 0.2% increase. Outlays on construction for all of 2016 totalled $1.16 trillion, 4.5% higher than in 2015. Private construction spending was 0.2% higher in December, while public outlays fell 1.7%. Residential spending rose 0.5% for the month, and is 5.2% higher for all of 2016 compared to 2015.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
