
ADP January payrolls show a tepid 22,000 private-sector gain
ADP's January private-sector payrolls rose just 22,000, far behind economists' 45,000 forecast and December's revised 37,000. Gains were led entirely by education and health services (+74,000), while other sectors weakened—professional and business services shed 57,000 and manufacturing fell 8,000. Wage growth remains solid (4.5% for stayers; 6.4% for job-changers). With the government shutdown delaying the official January jobs report, data for January will be released on February 11, with CPI due February 13, highlighting a cooling labor market despite resilient wages.












