(MENAFN- Saudi Press Agency) US private-sector employers hired at a solid pace in January, a payrolls processor report showed Wednesday in the latest sign of steady improvement in the labor market.
ADP said companies added 213,000 jobs last month, a good figure, though the smallest in four months and below economist expectations for 225,000 jobs. Businesses have added 200,000 jobs or more in nine of the past 10 months.
In January, manufacturers added 14,000 jobs, down from 23,000 the previous month. Construction firms hired 18,000 more workers, down from 26,000 in November. Services companies accelerated hiring, with a category that includes retail, transportation, and utilities adding 54,000 jobs, up from 40,000 the previous month.
Mark Zandi, the chief economist at Moody€„¢s Analytics, which compiles the ADP report, said oil and natural-gas drilling companies have begun to cut their payrolls in response to the sharp drop in oil prices. Firms that have benefited from lower oil prices have not yet accelerated hiring, he said.
The ADP report suggests that Friday€„¢s U.S. government job-creation report also will show solid hiring. Economists expect the government report to show that employers added 230,000 jobs last month.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.