Home Banking ADP: 174,000 Jobs Gained in January | ABA Banking Journal

ADP: 174,000 Jobs Gained in January | ABA Banking Journal

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The non-farm private sector gained 174,000 jobs in January, according to the ADP National Employment Report. This follows a revised December decrease of 78,000 jobs.

Small businesses with fewer than 50 employees gained 51,000 jobs. Medium-sized businesses with 50-499 employees gained 84,000, while large businesses increased by 39,000 jobs.

“The labor market continues its slow recovery amid COVID-19 headwinds,” said Ahu Yildirmaz, VP 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.”

Service-providing employment led the increase with 156,000 jobs gained, driven by the education & health and professional & business sectors, which rose by 54,000 and 40,000 jobs respectively.

Goods-producing employment rose by 19,000 jobs. The manufacturing sector added 1,000 jobs. Construction gained 18,000 jobs, and natural resources/mining saw no gains or losses.

Read the ADP report.