Thursday, April 24th6.9°C
21633
20872

Survey: US businesses add 175,000 jobs in January, a sign of steady hiring

WASHINGTON - A private survey shows that businesses added jobs at a modest pace in January, a sign that hiring may have rebounded after a disappointing figure in December.

Payroll processor ADP said Wednesday that companies added 175,000 jobs last month. That's down from 227,000 in December, which was revised lower. But it was much better than the government's official figure of just 74,000 new jobs in December.

The ADP numbers cover only private businesses and often diverge from the government's more comprehensive report. In December its figure was much higher than the official count.

The job gains in ADP's report, while lower than in December, are in line with average monthly hiring for the past two years.

Fears have risen in recent weeks that the U.S. and global economies may be weakening. Those fears have caused sharp falls in stock markets worldwide. Turmoil in developing countries and signs of slower growth in the U.S. have also raised uncertainty about the Federal Reserve's next steps.

Some economists were concerned that ADP's report suggested hiring slowed from December to January. But others were relieved that the job gains didn't fall further. Other economic data in the past two weeks, such as a survey of manufacturers by the Institute for Supply Management, have suggested the economy is weakening.

"Given the cratering in December payrolls and the poor ISM figures, these data should come as a relief," Jay Feldman, an economist at Credit Suisse, said in a note to clients.

Mark Zandi, chief economist at Moody's Analytics, which compiles the ADP report, said that cold weather "continued to weigh on the job numbers."

Excluding the impact of bad weather, hiring is likely occurring at a pace of 175,000 to 200,000 new jobs a month, Zandi said.

"I don't think anything fundamental has changed in the economy," he said. Moody's is still forecasting that hiring will pick up this year and average about 225,000 a month.

Many economists said bad weather was partly to blame for the sharp fall-off in December hiring. Job gains had averaged 214,000 a month from August through November, nearly three times December's total.

Construction added 25,000 jobs in January, the ADP survey found, slightly below December's total. Manufacturing cut 12,000 jobs.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14559.90+26.511
S&P CDNX1012.141.16
DJIA16486.76-14.89
Nasdaq4143.042+16.076
S&P 5001877.16+1.77
CDN Dollar0.9065+0.0001
Gold1290.00+5.80
Oil102.15-2.22
Lumber331.60+0.20
Natural Gas4.721-0.009

 
Okanagan Companies
Pacific Safety0.11-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.31+0.09
Cantex0.05+0.005
Anavex Life Sciences0.36-0.02
Metalex Ventures0.080.00
Russel Metals31.38+0.08
Copper Mountain Mining2.37+0.04
Colorado Resources0.265-0.005
ReliaBrand Inc0.11+0.03
Sunrise Resources Ltd0.03+0.005
Mission Ready Services0.250.00

 





FEATURED Property
1651868470 654 Cook Road
2 bedrooms 2 baths
$344,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


On living and dying

Our ability to live beyond our years has nothing to do with medical science; we will all live longer than our physical bodies, each of us will leave behind a personal legacy made up of our deeds, our ...


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...

_





21637


Member of BC Press Council