by Calculated Risk on 2/05/2020 08:18:00 AM
Wednesday, February 05, 2020
Private sector employment increased by 291,000 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 well above the consensus forecast for 159,000 private sector jobs added in the ADP report.
“The labor market experienced expanded payrolls in January,” said Ahu Yildirmaz, vice president and cohead of the ADP Research Institute. “Goods producers added jobs, particularly in construction and manufacturing, while service providers experienced a large gain, led by leisure and hospitality. Job creation was strong among midsized companies, though small companies enjoyed the strongest performance in the last 18 months.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Mild winter weather provided a significant boost to the January employment gain. The leisure and hospitality and construction industries in particular experienced an outsized increase in jobs. Abstracting from the vagaries of the data underlying job growth is close to 125,000 per month, which is consistent with low and stable unemployment.”
The BLS report will be released Friday, and the consensus is for 161,000 non-farm payroll jobs added in January.
Posted by Calculated Risk on 2/05/2020 08:18:00 AM