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Financial News: U.S. Private Sector Employment Jumps Much More Than

U.S. Private Sector Employment Jumps Much More Than Expected In January

02/05/2020 - 08:21:00 (RTTNews)

(RTTNews) - A report released by payroll processor ADP on Wednesday showed much stronger than expected private sector job growth in the month of January.

ADP said private sector employment soared by 291,000 jobs in January after jumping by a revised 199,000 jobs in December.

Economists had expected employment to increase by about 156,000 jobs compared to the addition of 202,000 jobs originally reported for the previous month.

"Mild winter weather provided a significant boost to the January employment gain," said Mark Zandi, chief economist of Moody's Analytics.

He added, "The leisure and hospitality and construction industries in particular experienced an outsized increase in jobs."

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