The ADP employment report for January showed private payroll growth of 205k, modestly above median consensus expectations (193k).
December employment growth was revised up to 267k (initial: 257k), bringing last month’s figures closer to the Labor Department’s initial estimate of 275k for private payroll gains.
Goods-producing industries added 13k to payrolls in January, driven by a second month of solid construction employment growth (21k, previous: 31k). Manufacturing employment was flat on the month (previous: 4k).
Service-providing firms added a net 192k (previous: 237k), slower than last month but in line with recent trends. The deceleration in monthly job gains was led by professional and business services (44k, previous: 69k). Trade, transportation and utilities (35k, previous: 33k) reported payroll growth in line with the recent trend, and financial services hiring ticked up modestly (19k, previous: 14k).
While we place limited weight on the ADP jobs numbers, this morning’s release is supportive of our outlook for 225k in nonfarm payroll gains in Friday’s official employment report.
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