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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 - 09:35:00 (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.

The report said employment in the service-providing sector climbed by 77,000 jobs, while employment in the goods-producing sector edged up by 30,000 jobs.

Meanwhile, ADP said year-over-year pay growth for job-stayers slowed to 5.2 percent in January from 5.4 percent in December. For job-changers, pay was up 7.2 percent, the smallest annual gain since May 2021.

"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."

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

Economists currently expect employment to increase by 180,000 jobs in January after jumping by 216,000 jobs in December, while the unemployment rate is expected to inch up to 3.8 percent from 3.7 percent.

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