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Monday, August 25, 2014 - 5:28pm

Stormy weather weighs on job growth

Stormy weather weighs on job growth
MGN Online
News
Wednesday, February 5, 2014 - 10:10am

Snowstorms put some hiring on hold in January, according to a report by payroll processing firm ADP.

The private sector added 175,000 jobs in January, marking the weakest month for hiring since August. ADP said 227,000 jobs were added In December.

"Cold and stormy winter weather continued to weigh on the job numbers,"said Mark Zandi, chief economist of Moody's Analytics, which helps ADP compile the report. But he added that underlying job growth still remains "sturdy."

The ADP report comes two days before the government will release the official numbers for job growth and unemployment for January. Economists surveyed by CNNMoney expect that 178,000 jobs were added last month, up from only 74,000 jobs added in December.

The government report and ADP report are based on different methodologies and don't always match up well. Last month for example, the ADP report painted a picture of strong hiring at the end of the year, whereas the government's report showed private sector hiring slumped to its weakest level in three years.
 

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