Small businesses with fewer than 50 employees added just 75,000 jobs last month, according to a report from payroll provider Automatic Data Processing (ADP) that disappointed investors. That was below the average of 83,000 monthly jobs added by small business last year.
Private companies of all sizes added 175,000 jobs in January, ADP says. The lousy weather in much of the country may have had something to do with slower-than-anticipated job growth.
“There’s a lot of uncertainty on the weather effect, but the broader message from ADP is that the trend in private payrolls remains pretty solid,” economist Jim O’Sullivan of High Frequency Economics told Bloomberg News.
The Labor Department’s official employment report is scheduled to be released Friday.