ADP January jobs report stronger than expected

According to private consultancy ADP, employers added 205,000 jobs in January compared with an upwardly-revised tally of 267,000 jobs in December and expectations for a 195,000 gain.

Meanwhile, goods-producing employment rose by 13,000 jobs, well off December’s upwardly-revised 30,000.

The construction industry added 21,000 jobs, which was roughly in line with the average monthly jobs gained during 2015.

Mark Zandi, chief economist at Moody’s Analytics, said: “Job growth remains strong despite the turmoil in the global economy and financial markets. Manufacturers and energy companies are reducing payrolls, but job gains across all other industries remain robust.

“The US economy remains on track to return to full employment by mid-year.”