US ADP report showed 291k growth in private sector jobs in January, well above expectation of 155k. By company size, small businesses added 94k jobs, medium businesses added 128k, large businesses added 69k. By sector, goods-producing companies added 54k while service-providing companies added 237k.
“The labor market experienced expanded payrolls in January,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Goods producers added jobs, particularly in construction and manufacturing, while service providers experienced a large gain, led by leisure and hospitality. Job creation was strong among midsized companies, though small companies enjoyed the strongest performance in the last 18 months.”
