ADP Employment Report Shows Smaller-Than-Expected Job Losses in January
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The labor market got a small shot in the arm on Wednesday as private-sector jobs in January fell by a lower-than-expected number. Data from payroll processor Automatic Data Processing (NYSE: ADP) showed that 22,000 private-sector jobs were lost last month, beating the economist projection of 30,000 jobs lost.
In what some may consider "green shoots" for the jobs market, today's figure marks the smallest monthly drop since February 2008.
The strongest area of growth for the private-sector was in services, which added 38,000 jobs. Factories turned the other way with a 60,000 job drop last month.
According to ADP, large businesses with more than 500 employees cut 19,000 jobs, while small businesses cut 12,000 jobs. Oddly, medium-sized companies added 9,000 jobs in January.
With today's report, ADP also revised the previous month's decline drop of 81,000 to a decline of 61,000.
The Bureau of Labor Statistics is set to release nonfarm payroll data for January on Friday -- always a highly watched indicator. Economists are expecting that employers added 5,000 jobs last month (following a drop of 85,000 in December), as government jobs created by new census workers will be factored in.
The unemployment rate is expected to rise from 10 percent in December to 10.1 percent last month.
In what some may consider "green shoots" for the jobs market, today's figure marks the smallest monthly drop since February 2008.
The strongest area of growth for the private-sector was in services, which added 38,000 jobs. Factories turned the other way with a 60,000 job drop last month.
According to ADP, large businesses with more than 500 employees cut 19,000 jobs, while small businesses cut 12,000 jobs. Oddly, medium-sized companies added 9,000 jobs in January.
With today's report, ADP also revised the previous month's decline drop of 81,000 to a decline of 61,000.
The Bureau of Labor Statistics is set to release nonfarm payroll data for January on Friday -- always a highly watched indicator. Economists are expecting that employers added 5,000 jobs last month (following a drop of 85,000 in December), as government jobs created by new census workers will be factored in.
The unemployment rate is expected to rise from 10 percent in December to 10.1 percent last month.
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