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Wednesday, February 01, 2023

ADP: Private Employment Increased 106,000 in January

by Calculated Risk on 2/01/2023 08:25:00 AM

From ADP: ADP National Employment Report: Private Sector Employment Increased by 106,000 Jobs in January; Annual Pay was Up 7.3%

Private sector employment increased by 106,000 jobs in January and annual pay was up 7.3 percent year-over-year, according to the January ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
"In January, we saw the impact of weather-related disruptions on employment during our reference week,” said Nela Richardson, chief economist, ADP. “Hiring was stronger during other weeks of the month, in line with the strength we saw late last year.”
emphasis added
This was well below the consensus forecast of 170,000, however, ADP blamed it on the weather. The BLS report will be released Friday, and the consensus is for 185 thousand non-farm payroll jobs added in January.