The US labor market is hitting on all cylinders

ADP's reading on the growth of private payrolls in the USjumped wellmore than expected for the month of January.The measure of private sector job growth increased by 246,000for the month, well abovethe markof168,000 expected by economists. The measure grewby 153,000 in the prior month.The huge ADP beat is also a good signof the strength of job growth inJanuary before Friday's jobs report from the Bureau of Labor Statistics. That more comprehensive look is expected to grow by 175,000 payrolls in the month of January."The US labor market is hitting on all cylinders and we saw small and midsized businesses perform exceptionally well," saidAhu Yildirmaz, vice president and co-head of the ADP Research Institute, in a press release accompanying the report.While much of the gain came from service sector jobs, Yildirmaz said that the market added 46,000 goods producing jobsthe most in two years.SEE ALSO:There are a lot of problems with Trump's 20% border tax ideaJoin the conversation about this storyNOW WATCH: Here's how to use one of the many apps to buy and trade bitcoin
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