ADP jobs data

ADP said 183k private sector jobs were created in January, above the estimate of 150k and December was revised up by a notable 54k to 176k. Helping was a rebound in the pace of hiring’s from small business after a string of sluggish hiring.

The breadth of hiring was broad except in manufacturing where another 13k jobs were lost. Construction added 3k. On the service side, trade/transportation/utilities led the way with 56k more jobs, followed by leisure/hospitality which added 54k jobs. Education/health services added 20k. Information hired a net 18k and job gains were also seen in financial activities and professional/business services.

When it comes to pay, for ‘job stayers’ wages rose by 4.7% vs 4.6% in the month before. For ‘job changers’, pay was up by 6.8% vs 7.1% in December. Still pretty good.