Private-sector hiring slumped in January, adding just 22,000 jobs [CNN]
NerdWallet, Inc. (NRDS)
Company Research
Source: CNN
Payroll giant ADP reported Wednesday that employers in the private sector added just 22,000 jobs in January, about half the size of the 45,000-job gain economists were expecting. Job growth slowed further from December's employment gains that were revised down to 37,000 from 41,000. January's job gains were driven entirely by continued hiring in the education and health services industry, which added an estimated 74,000 jobs, ADP's report showed. Health care, which is growing as a result of an aging population, has been one of the few industries to have experienced consistent employment expansion in recent years. “It is the case that we have narrowed the pathway to job creation to one or two sectors,” Nela Richardson, chief economist at ADP, said Wednesday in a call with reporters. As for the vast majority of other sectors, hiring has limped along or seen declining employment in a labor market environment that has grown increasingly less dynamic. In January, ADP estimated tha
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