Private Companies Add 40,000 Jobs in December

Roseland, NJ, January 3, 2008--Private-companies added 40,000 jobs in December, according to the ADP employment report

December’s increase of 40,000 marked a slowing of nonfarm private employment growth that averaged 118,000 during the three-month period from September through November, the report said.

Services firms added 71,000 jobs in December, while goods-producing industries cut 31,000 jobs, including 16,000 in manufacturing.

The two sectors hit hardest by the mortgage crisis, construction and financial services, continued to drop jobs in December, ADP said. Construction firms cut 17,000 jobs, the 13th consecutive monthly decline. Financial services firms eliminated 5,000 jobs, the third decline in the past five months.