Private Payroll Growth Slowed To 106,000 In January

Private companies added 106,000 new jobs in January, a drop from 253,000 in December, as weather-related issues slowed job growth. The growth largely impacted the hospitality industry, with bars, restaurants, and hotels adding 95,000 positions. Finance added 30,000 jobs, manufacturing 23,000, and education and health services added 12,000. Trade, transportation, and utilities lost 41,000 jobs, construction 24,000, and natural resources and mining 3,000. Goods-producing industries saw a net loss of 3,000 jobs, while service providers added 119,000. Pay growth has changed slightly since December but was up 7.3 percent from a year ago.