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January private sector employment increases 175,000

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January private sector employment increases 175,000

Job growth roughly consistent with expectations.

Private sector jobs in the US increased by 175,000 from December to January, according to a report issued today by employment administration giant ADP.  Expectations were for an increase of 180,000.

December figures were adjusted downwards as well, from 238,000 previously reported to 227,000.

Mark Zandi, chief economist of Moody’s Analytics, said, "Cold and stormy winter weather continued to weigh on the job numbers. Underlying job growth, abstracting from the weather, remains sturdy. Gains are broad based across industries and company sizes, the biggest exception being manufacturing, which shed jobs, but that is not expected to continue.”

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The vast majority of new jobs, 160,000, were based in service industries, with the largest increase (49,000) coming from the professional/business services segment.

Middle market companies accounted for about 38% of increased payrolls, while large and small companies accounted for 19% and 43%, respectively.

 

 

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