The U.S. economy added
The previous month’s report indicated that 2014 ended on a high note for job growth, especially in the construction and manufacturing industries. And due to seasonal adjustments, ADP and Moody’s Analytics have since upwardly revised some of the December figures, including total employment, construction, and professional/business services.
"Employment posted another solid gain in January, although the pace of growth is slower than in recent months," said Moody’s Analytics chief economist Mark Zandi in a press release. "Businesses in the energy and supplying industries are already scaling back payrolls in reaction to the collapse in oil prices, while industries benefiting from the lower prices have been slower to increase their hiring. All indications are that the job market will continue to improve in 2015."
The construction industry added 18,000 jobs in January, down from December’s figure of 26,000—which represents the second highest monthly gain in the past 12 months. May and October were the top months of 2014, with 30,000 jobs added in both months to the construction industry. Manufacturing added 14,000 jobs in January, far below December’s 23,000—which was also the second highest monthly gain in the past 12 months. September had the highest monthly growth in 2014, when 32,000 jobs were added in the manufacturing sector.
Professional and business services, a category which likely includes architects and engineers, added 42,000 jobs. The January figure is far below those of December (72,000) and November (68,000).
On Friday, the U.S. Bureau of Labor Statistics will release its monthly employment report, which provides more detailed information on growth in the construction and architecture sectors.
Charts: Maggie Goldstone; Source: ADP, Moody's Analytics