Hiring among employers with 300 or fewer employees dropped by 2.37 percent after a 0.39 percent gain in December, according to the CBIZ Small Business Employment Index.
Although the unemployment rate slightly rose from 7.8 percent to 7.9 percent, an ADP January jobs survey shows that the private sector brought in 192,000 jobs, far surpassing analysts' projection of 165,000 jobs. This figure also tops December's revised tally of 185,000 added jobs.
"This month's SBEI prints with a decline of 2.37 percent, which is the lowest seasonal reduction in work force in the past two years of January reports," says Philip Noftsinger, business unit president for CBIZ Payroll Services.
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