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Financial News: U.S. Private Sector Job Growth Slows More Than

U.S. Private Sector Job Growth Slows More Than Expected In January

01/31/2024 - 08:22:00 (RTTNews)

(RTTNews) - Private sector job growth in the U.S. slowed by more than expected in the month of January, according to a report released by payroll processor ADP on Wednesday.

ADP said private sector employment rose by 107,000 jobs in January after climbing by a downwardly revised 158,000 jobs in December.

Economists had expected private sector employment to increase by 145,000 jobs compared to the addition of 164,000 jobs originally reported for the previous month.

"Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay," said ADP chief economist Nela Richardson.

She added, "Wages adjusted for inflation have improved over the past six months, and the economy looks like it's headed toward a soft landing in the U.S. and globally."

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