US ADP employment grew 174k in January, well above expectation of 40k. By company size, small businesses added 51k jobs, medium businesses added 84k, large businesses added 39k. By sector, goods-producing jobs grew 19k. Service-providing jobs grew 156k.
“The labor market continues its slow recovery amid COVID-19 headwinds,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Although job losses were previously concentrated among small and midsized businesses, we are now seeing signs of the prolonged impact of the pandemic on large companies as well.”
