Franchises Continue Robust Hiring Trend in December 2017
Hiring shows no sign of relaxing. Franchised establishments in the United States added 27,300 jobs in December, according to the monthly ADP National Franchise Report. That is at a robust rate similar to the November’s 28,300 franchise hires, which in turn follows October’s sixteen month high of 31,100 hires. Restaurants, auto dealerships and hotels were the biggest sectors to hire. Hiring by franchises of business services dropped during the month.
Private sector employment as a whole, or total nonfarm private employment, increased by 250,000 from November to December. Small business, businesses with less than 50 employees, were up 94,000 jobs in December, up from November’s 50,000.
“We’ve seen yet another month where the labor market has shown no signs of slowing,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Throughout the year there was significant growth in services except for an overall loss of jobs in the shrinking information sector. Looking at company size, small businesses finished out 2017 on a high note adding more than double their monthly average for the past six months.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market ended the year strongly. Robust Christmas sales prompted retailers and delivery services to add to their payrolls. The tight labor market will get even tighter, raising the specter that it will overheat.”