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US Non-Farm Private Sector Adds 183K Jobs in January
The US non-farm private sector added 183K jobs in January, beating analysts’ expectations of 148K, reflecting a strong expansion in the labor market.
The ADP report, based on payroll data from about 400K US companies, is considered a reliable indicator ahead of the government’s non-farm payrolls report.
Compared to the 176K jobs growth in the previous month, the latest figure reflects an increase of 7K jobs, indicating the continued resilience of the US labor market despite global economic challenges.
US Labor Market
The ADP report is closely watched by economists and investors for its role in providing an early glimpse into the state of the US labor market ahead of official data releases. Given its importance, a higher-than-expected reading is seen as positive for the US dollar, while a lower-than-expected reading is seen as negative.
However, the strong job growth indicated by the ADP report is a positive sign for the US economy and could provide a boost to the US dollar in the near term.
