Feb. 5 (Bloomberg) — Companies added fewer workers than projected in January as colder-than-normal weather limited progress in the U.S. job market, a private report based on payrolls showed today.
The 175,000 increase was the smallest in five months and followed a revised 227,000 rise in December that was weaker than initially reported, according to the ADP Research Institute in Roseland, New Jersey. The median projection of 40 economists surveyed by Bloomberg called for an advance of 185,000.
Businesses took on fewer workers as inclement weather gripped much of the nation and kept some shoppers from venturing out to stores and auto dealerships. A pickup in hiring would help spur the wage gains needed to propel the consumer spending that accounts for almost 70 percent of the economy.
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