Job Market Gains Strength
Led by small firms, private-sector payrolls grew by 130,000 new jobs in January, up form 40,000 a month earlier, ADP reported Wednesday.
Businesses with fewer than 500 employees accounted for 122,000 new jobs, compared to 8,000 by larger businesses, the report said.
Strong employment gains in the service sector were offset by continued losses in the goods-producing sector, which shed 11,000 jobs in January.
Mortgage market turmoil also contributed to ongoing job cuts at construction and financial services firms, the report said.