ABA Banking Journal
The non-farm private sector added 205,000 jobs in January according to the ADP National Employment Report, down from December’s revised figure of 267,000. Growth in both the goods and services sector trailed off slightly, but remained positive.
“Job growth remains strong despite the turmoil in the global economy and financial markets,” said Mark Zandi, chief economist of Moody’s Analytics. “Manufacturers and energy companies area reducing payrolls, but job gains across all other industries remain robust. The U.S. economy remains on track to return to full employment by mid-year.”
Small businesses, businesses with less than 50 employees added 79,000 jobs in January compared to 101,000 in December. Medium-sized businesses with 50-499 employees added 82,000 jobs, up from 77,000 in December. Large businesses added 44,000 jobs, half of December’s total.
Goods producing employment rose by 13,000 jobs after rising by 30,000 last month. Construction grew by 21,000, while manufacturing employment remained unchanged.
Service providing jobs grew by 192,000, largely due to expansion in the professional and business services sector, which increased by 44,000. The trade, transportation and utilities sector added 35,000 jobs, a 2,000 job increase from the previous month, while financial activities jobs increased by 19,000.
Read the ADP release.
