U.S. private payrolls increased by 807,000 jobs last month, surpassing expectations and indicating a strong labor market going into the new year.
The ADP National Employment Report is somewhat overshadowed by the more comprehensive U.S. Bureau of Labor Statistics report, which is due to be released on Friday. The Labor Department's monthly report is widely seen as more reliable and methodologically precise than the ADP's, which is developed jointly with Moody's Analytics.
The report also attests to a decline in first-time unemployment applicants from November to December, suggesting a slow return to normalcy for the labor market.
“The reason is that with the sheer volume of new cases that we are having and that we expect to continue with Omicron, one of the things we want to be careful of is that we don’t have so many people out,” said Fauci. “I mean, obviously if you have symptoms you should, but if you are asymptomatic and you are infected we want to get people back to jobs—particularly those with essential jobs to keep our society running smoothly.”