“Contrary to growing concerns about a potentially slowing U.S. economy, job creation surged in December as measured by the latest ADP/Moody’s Analytics survey released Thursday,” Jeff Cox reports for CNBC.
“Companies added 271,000 new positions as 2018 came to a close, smashing estimates of 178,000 from economists surveyed by Reuters,” Cox reports. “It was the survey’s best month since February 2017, which saw a gain of 280,000, and brought the average monthly gain for last year to 206,000. ‘Businesses continue to add aggressively to their payrolls despite the stock market slump and the trade war. Favorable December weather also helped lift the job market,’ Mark Zandi, chief economist at Moody’s Analytics, said in a statement. ‘At the current pace of job growth, low unemployment will get even lower.'”
“Economists expect the government’s nonfarm payrolls report being released Friday to show 180,000 new jobs in December, with the unemployment rate staying at a 49-year low of 3.7 percent,” Cox reports. “That estimate could be revised higher following Thursday’s report.”
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MacDailyNews Take: Very good macroeconomic news is always good news for companies like Apple whose products and services require customers with discretionary income and the will to spend it.