ADP Jan. jobs estimate beats expectations
Private-sector employment increased by 213,000 in January, on a seasonally adjusted basis, ADP estimated Wednesday.
In December, ADP says 263,000 jobs were added, compared to its previous estimate of 271,000.
Economists surveyed by IFR Markets projected a 175,000 job gain for January.
“The labor market has continued its pattern of strong growth with little sign of a slowdown in sight,” according to Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We saw significant growth in nearly all industries, with manufacturing adding the most jobs in more than four years. Midsized businesses continue to lead job creation, however the share of jobs was spread a bit more evenly across all company sizes this month.”
“The job market weathered the government shutdown well,” said Mark Zandi, chief economist of Moody’s Analytics. “Despite the severe disruptions, businesses continued to add aggressively to their payrolls. As long as businesses hire strongly the economic expansion will continue on.”