As the stock market dropped the past few weeks apparently per ADP’s new report, hiring does not have such a sunny outlook either.
Per their report, the private sector added 175,000 jobs in January. The significance of this number? It’s the weakest month for hiring since August. Usually in January there seems to be an uptick since December slows down due to the holidays but ADP reported 227,000 new jobs in December.
Mark Zandi, chief economist at Moody’s Analytics, alluded to weather having an impact on hiring.
He told CNN, “Cold and stormy winter weather continued to weigh on the job numbers.” He pointed out that underlying job growth still remains “sturdy” and he’s expecting a breakout year.