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Financial News: U.S. Private Sector Employment Soars Amid Mild Winter

U.S. Private Sector Employment Soars Amid Mild Winter Weather

02/05/2020 - 09:04:00 (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."

The report said employment in the service-providing sector surged up by 237,000 jobs, partly reflecting a jump of 96,000 jobs in the leisure and hospitality industry.

Employment in the good-producing sector also rose by 54,000 jobs, as employment in the construction industry climbed by 47,000 jobs.

ADP said employment at mid-sized businesses shot up by 128,000 jobs, while small businesses added 94,000 jobs and employment at large businesses increased by 69,000 jobs.

"Job creation was strong among midsized companies, though small companies enjoyed the strongest performance in the last 18 months," said Ahu Yildirmaz, vice president and cohead of the ADP Research Institute.

On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.

Employment is expected to increase by about 160,000 jobs in January after rising by 145,000 jobs in December, while the unemployment rate is expected to hold at 3.5 percent.

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