by Bill McBride on 2/04/2015 08:20:00 AM
Wednesday, February 04, 2015
Private sector employment increased by 213,000 jobs from December to January according to the January ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.This was below the consensus forecast for 220,000 private sector jobs added in the ADP report.
Goods-producing employment rose by 31,000 jobs in January, down from 47,000 jobs gained in December. The construction industry added 18,000 jobs, down from last month’s gain of 26,000. Meanwhile, manufacturing added 14,000 jobs in January, below December’s 23,000.
Service-providing employment rose by 183,000 jobs in January, down from 207,000 in December. ...
Mark Zandi, chief economist of Moody’s Analytics, said, “Employment posted another solid gain in January, although the pace of growth is slower than in recent months. Businesses in the energy and supplying industries are already scaling back payrolls in reaction to the collapse in oil prices, while industries benefiting from the lower prices have been slower to increase their hiring. All indications are that the job market will continue to improve in 2015.”
The BLS report for January will be released on Friday and the consensus is for 230,000 non-farm payroll jobs added in December.
Posted by Bill McBride on 2/04/2015 08:20:00 AM