US private payrolls rose much less than expected in January, pointing to some cooling off in the working market.
Private employment increased by 106,000 jobs last month, the ADP national employment report showed on Wednesday.
Data for December was revised up to show 253,000 jobs added instead of the 235,000 previously reported. Economists polled by Reuters had forecast a private employment increase of 178,000 jobs.
The ADP report, prepared jointly with the Stanford Digital Economy Labwas published before the Bureau of Labor Statistics of the work Department release the more comprehensive and closely market-watched January jobs report on Friday. ADP has been a poor predictor of private payrolls in the Bureau of Labor Statistics employment report.
According to a Reuters survey of economists, nonfarm payrolls likely rose by 185,000 jobs in January, after rising by 223,000 in December.
It is expected that the Federal Reserve raise your interest rate by 25 basis points this Wednesday. Last year, the US central bank raised its rate by 425 basis points, from near zero to a range of 4.25% to 4.50%, the highest since late 2007.
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