Feb. 5 - U.S. private employers added 175,000 jobs in January, the smallest gain since August as wintry weather kept a lid on hiring. Jeanne Yurman reports.
Ahead of the U.S. government's big jobs report Friday, private payroll processing firm, ADP, has released employment data for January. The headline number came in at a seasonally adjusted 175,000, just a fraction below estimates of 180,000. At the same time, it's the smallest gain since August. December's increase was downwardly revised to 227,000. By sector. the services sector accounted for the majority of gains at 160,000 positions after an increase of just 50,000 the month before. Manufacturing, however, saw a decline of 12,000 - mirroring the weakness in recent U.S. manufacturing data. In a statement accompanying the report Moody's Analytics Chief Economist, Mark Zandi said while taking into account the weather, he believes job growth remains "sturdy" with broad based gains across industries and company sizes. The pullback in manufacturing, he says, is not expected to continue.