Private payrolls rose by 213,000 in January according to ADP, a bit less than expected.
Expectations were for the report to show payrolls grew by 223,000 in January, down from 241,000 in December.
December’s number was also revised up to show private payrolls grew by 253,000.
In ADP’s release, Mark Zandi, chief economist of Moody’s Analytics, said, “Employment posted another solid gain in January, although the pace of growth is slower than in recent months.”
Zandi added that, “Businesses in the energy and supplying industries are already scaling back payrolls in reaction to the collapse in oil prices, while industries benefiting from the lower prices have been slower to increase their hiring. All indications are
that the job market will continue to improve in 2015.”
Here’s the chart of private payrolls gains over the last year from ADP.
And the breakdown of payroll additions by company size.