U.S. Job Growth Stalls Amid Mixed Sector Performance
U.S. private payrolls grew by only 22,000 jobs in January, falling short of expectations. Job gains were seen in education, health services, and construction sectors, while losses occurred in professional services and manufacturing. Wage growth slowed slightly, and federal government data release was delayed due to a shutdown.
In January, U.S. private payrolls saw an unexpectedly modest increase, with a net gain of 22,000 jobs, according to the latest ADP national employment report.
Noteworthy employment gains were recorded in the education and health services sector, adding 74,000 positions, and in the construction sector with 9,000 new jobs. However, professional and business services saw a loss of 57,000 positions, and manufacturing dropped by 8,000 jobs.
Despite these mixed results, the report had minimal impact on financial markets, while the official Bureau of Labor Statistics' employment report has been delayed due to a federal shutdown. Economic experts attribute the labor market's current stable condition to factors including import tariffs and advancements in artificial intelligence.
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