Private Payrolls Growth Surges in January, ADP Report Reveals
Washington, D.C. - U.S. private payrolls witnessed a significant jump in January, according to the ADP National Employment Report released Wednesday. Private sector employment surged by 183,000 jobs last month, following an upward revision of December's gain to 176,000.
Economists' expectations fell short, as they had estimated private employment growth of 150,000, based on the previously reported 122,000 increase in December. The ADP report, developed in partnership with the Stanford Digital Economy Lab, precedes the more comprehensive and widely anticipated employment report from the Bureau of Labor Statistics, scheduled for release on Friday.
Notably, there is no correlation between the ADP and BLS employment reports. A Reuters survey projects a private payroll growth of 141,000 jobs in January, following a gain of 223,000 in December. The overall nonfarm payrolls are estimated to have increased by 170,000 jobs in January after a December surge of 256,000. The unemployment rate is anticipated to remain unchanged at 4.1%.