ADP has released its January private sector payrolls report, and on the surface it looks disappointing. Still, there may be a flip side here. ADP said that 213,000 jobs were created in January, short of estimates. Bloomberg was calling for a gain of 220,000 and the Wall Street Journal was calling for 240,000.
Source: Thinkstock
While the number is short of expectations, it does still represent growth. This growth also is low enough that it does not force the Federal Reserve into a corner where it has to raise interest rates sooner than it wants to (whenever that is).
Small businesses were shown to add 78,000 jobs and franchises added 26,000 jobs. Medium-sized businesses accounted for 95,000 jobs, and large businesses accounted for 40,000 of the jobs. Service jobs were 183,000 and manufacturing and goods-producing jobs were 31,000 in January.
By industry, these were as follows:
- Construction, 18,000
- Manufacturing, 14,000
- Trade/transportation/utilities, 54,000
- Financial activities. 11,000
- Professional/business services. 42,000
Again, while the numbers are short of estimates, they are still growth — and growth that doesn’t have to spook Janet Yellen and other members of the Federal Reserve.
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