ADP is doubling down on optimism in job creation for January after missing the mark big time in December.
The ADP national employment report again predicts job growth in the private sector, though they have toned down their optimism. The payroll firm predicts that 175,000 were created in January, the lowest amount since August 2013.
Last month, ADP predicted 225,000 jobs were created in December. The actual number turned out to be a bleak 74,000 when the actual jobs numbers were released by the Bureau of Labor Statistics.
The BLS will release its jobs numbers on Friday for January.
Even if the final number turns out to be as high as ADP predicts, that’s a flat line that shows job stagnation, when taking into account population growth and not near enough to make a dent in the record number of people who have dropped out of the labor force.
Economists expected the ADP to report that private companies created 180,000 jobs in January, down from the downwardly revised 217,000 positions in December.