Private sector employment in the U.S. increased by much more than expected in the month of January, according to a report released by payroll processor ADP on Wednesday.

ADP said private sector employment jumped by 174,000 jobs in January after decreasing by a revised 78,000 jobs in December.

Economists had expected employment to rise by 49,000 jobs compared to the loss of 123,000 jobs originally reported for the previous month.

“The labor market continues its slow recovery amid COVID-19 headwinds,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

The material has been provided by InstaForex Company – www.instaforex.com

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