Market Insider

Stronger jobs report seen encouraging Fed taper

Economy turned a corner?

The surprise jump in private sector payroll data reinforces that hiring is improving and has traders speculating that the government's December employment report could be more robust than economists expect.

ADP reported private sector job growth of 238,000 for the month of December, including a surge of 48,000 jobs in construction, the best in that sector since 2006.

Reuters reports that the consensus among economists for Friday's December employment report is 196,000 nonfarm payrolls—down from 203,000 actual in November—with the unemployment rate unchanged at 7 percent.