Weak Job Growth Signals Concern: US Companies Add Fewer Jobs Than Expected in January, ADP Report Reveals

Good Morning Everyone! US companies added fewer jobs than forecast in January, according to the ADP jobs report.

Private payrolls increased 107,000 in January from a downwardly revised 158,000 (was 164,000) gain in December.

Nominal wage also growth continued to slow.

This… pic.twitter.com/lDOZGumoP1

— Genevieve Roch-Decter, CFA (@GRDecter) January 31, 2024

Jan ADP job report shows another slowdown in hiring; BLS report this Friday likely to show same thing but that's based on other evidence, not ADP; remember that ADP and BLS change in rate of increase have slight negative correlation, even after ADP methodology "improvement"… pic.twitter.com/DPKDZYWPkR

— E.J. Antoni, Ph.D. (@RealEJAntoni) January 31, 2024