US ADP private employment grew 106k in January, below expectation of 168k. By sector, goods-producing jobs dropped -3k. Service-providing jobs rose 109k. BY establishment size, small companies cut -75k jobs, but medium companies added 64k and large added 128k. Pay growth for job stayers was held at 7.3% yoy for the second month, with most industries little changed.
Nela Richardson Chief Economist, ADP said: “In January, we saw the impact of weather-related disruptions on employment during our reference week. Hiring was stronger during other weeks of the month, in line with the strength we saw late last year.”
