Private sector job growth in the U.S. slowed by more than expected in the month of January, according to a report released by payroll processor ADP on Wednesday.
ADP said private sector employment rose by 107,000 jobs in January after climbing by a downwardly revised 158,000 jobs in December.
Economists had expected private sector employment to increase by 145,000 jobs compared to the addition of 164,000 jobs originally reported for the previous month.
“Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” said ADP chief economist Nela Richardson.
She added, “Wages adjusted for inflation have improved over the past six months, and the economy looks like it’s headed toward a soft landing in the U.S. and globally.”
At 9:45 am ET, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of January.
The Chicago business barometer is expected to inch up to 48.0 in January from 46.9 in December, but a reading below 50 would still indicate contraction.
The Energy Information Administration is due to release its report on oil inventories in the week ended January 26th at 10:30 am ET.
Crude oil inventories are expected to edge down by 0.9 million barrels after tumbling by 9.2 million barrels in the previous week.
The Federal Reserve is scheduled to announce its latest monetary policy decision at 2 pm ET, followed by Fed Chair Jerome Powell’s post-meeting press conference at 2:30 pm ET.