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CNN: ADP: Private sector adds 170,000 jobs in January
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NEW YORK (CNNMoney) -- Companies slowed their hiring in January,
according to a report by payroll processor ADP.
The private sector added 170,000 jobs in the month, ADP said Wednesday, missing forecasts of 200,000 jobs that economists polled by Briefing.com had predicted.
The previous month was also weaker than originally reported. December's strong number -- first reported as 325,000 jobs -- was revised down to 292,000.
In January, small businesses -- those with fewer than 50 employees -- made up more than half of the job gains, hiring 95,000 people.
"Those jobs were mostly in the services sector and match some optimism we have seen in small business lending," Diane Swonk, chief economist for Mesirow Financial, said in a note.
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