Private U.S. companies added just 106,000 new workers in January as weather-related issues, including severe flooding across California, disrupted hiring.
Prosper Trading Academy CEO Scott Bauer and Muhlenkamp & Company portfolio manager Jeff Muhlenkamp discuss if January's impressive stock market gains will continue on 'The Claman Countdown.'
Hiring by U.S. companies slowed sharply in January, the latest sign that the historically tight labor market is finally starting to cool off, according to the ADP National Employment Report released Wednesday morning. last month, missing the 178,000 gain that economists surveyed by Refinitiv had predicted. It marked a major drop from the 235,000 gain recorded in December and is the worst month for job creation since January 2021. wages the most aggressive fight since the 1980s to crush inflation and slow the labor market with a series of rapid interest rate increases.
"In January, we saw the impact of weather-related disruptions on employment during our reference week," said Nela Richardson, the chief economist of ADP. "Hiring was stronger during other weeks of the month, in line with the strength we saw late last year."The bulk of the gains in January stemmed from the leisure and hospitality industry, which added 94,000 new workers.
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