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Private Sector Employment in the U.S. Decreased Sharply According to ADP

Automatic Data Processing, Inc. (ADP) announced that private sector employment in the United States fell in January. Employment fell for the first time since December 2020, during the height of the pandemic.

According to ADP, non-farm employment in the private sector fell by 301,000 in January, in contrast to analysts’ forecasts of 200,000 additional jobs.

Within the services sector, there was a decline of 274,000 jobs in January. The manufacturing sector recorded a decline of 27,000 jobs.

The ADP had previously reported that non-farm employment increased by 776,000 in December, up from 505,000 in November.

Investors are waiting for the U.S. non-farm payrolls figures to be released on Friday.

Previously, the number of non-farm payrolls had risen by 199,000 in December. The unemployment rate fell to 3.9%.

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