Companies hired 205,000 workers in January as the labor market continued to power past a growth slowdown and financial-market volatility.
The increase in private employment last month followed a revised 267,000 gain in December that was more than previously reported, according to figures released Wednesday from the ADP Research Institute in Roseland, New Jersey. The median forecast of economists surveyed by Bloomberg called for a January advance of 195,000.
Sustained hiring is a sign companies are optimistic that demand will improve after a fourth-quarter growth slowdown. Further gains in employment would provide a stronger base for a pickup in wage gains, which remain a much-awaited component of the labor market recovery.
Estimates in the Bloomberg survey ranged from 160,000 to 295,000. The prior month’s figure was previously reported as an advance of 257,000.