The private sector's job growth rate in the United States decreased more than anticipated in January, as reported by ADP, a payroll processing company, on Wednesday. The report indicated that private sector employment increased by 107,000 jobs in January, following a downwardly revised increase of 158,000 jobs the previous month, December.
Economists had predicted an increase of 145,000 jobs in private sector employment, compared to the initially reported increase of 164,000 jobs in the previous month. "Despite a slowdown in hiring and pay, progress on inflation has improved the economic outlook," stated Nela Richardson, ADP's chief economist. Richardson further explained, "Inflation-adjusted wages have seen improvement over the past six months, projecting a soft landing for the economy both nationally and internationally."
