U.S. companies added 170,000 workers in January, reflecting job gains in services and at small businesses, according to a private report based on payrolls.
The increase was less than forecast and followed a revised 292,000 rise the prior month that was less than previously reported, the report from the Roseland, New Jersey-based ADP Employer Services showed today. The median estimate in a Bloomberg News survey of economists called for an advance of 182,000.
“The job market continues to grow at a moderate pace,” Jonathan Basile, a senior economist at Credit Suisse in New York, said before the report. “We're on a gradually improving path for the labor market.”
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