A 7-Eleven convenience store has a sign in the window reading "Now Hiring" in Cambridge, Massachusetts, U.S., July 8, 2022.
Private payroll growth declined sharply in January, a possible sign that the U.S. labor market is heading for a slowdown this year, ADP reported Wednesday.
Only one sector — information services (-9,000) — reported a decline, but hiring was slow across virtually all sectors.
While the ADP data can provide a barometer for private sector hiring, the two reports often differ, with ADP often undershooting the Labor Department's numbers.
On wage gains, ADP reported a 5.2% annual rise, a number that has run above the government's measure of average hourly earnings.
Persons:
Dow Jones, —, nonfarm, Nela Richardson
Organizations:
ADP, Companies, Labor, CNBC PRO
Locations:
Cambridge , Massachusetts, U.S