Tuesday, September 23rd14.2°C
23284
22455

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

23015


Recent Trending




Today's Market
S&P TSX15129.00-136.35
S&P CDNX928.09-26.97
DJIA17172.68-107.06
Nasdaq4527.689-52.10
S&P 5001994.29-16.11
CDN Dollar0.9102+0.0045
Gold1226.50+8.60
Oil91.50-0.91
Lumber332.20+5.60
Natural Gas3.945+0.037

 
Okanagan Companies
Pacific Safety0.17+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.27-0.10
Cantex0.04-0.01
Anavex Life Sciences0.2195-0.0035
Metalex Ventures0.05-0.01
Russel Metals35.37-0.38
Copper Mountain Mining2.40-0.26
Colorado Resources0.16-0.005
ReliaBrand Inc0.0206-0.0043
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.27-0.02

 





FEATURED Property
1431508Big White Chalet for Sale by Owner
$279,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Is this a fair offer from ICBC?

“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...


Disruptive innovation

Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...

_



23448




Member of BC Press Council


22771