2/6: MetroIntelligence Economic Update by P. DUFFY

ADP:  January private sector job growth soars to 291,000, highest level since May 2015

Private-sector employment increased by 291,000 in January, on a seasonally adjusted basis, versus 199,000 in December and 264,000 in January of 2019. It was also the strongest showing since May of 2015.



January manufacturing sector index rises to expansion territory for first time since July 2019

The January PMI® registered 50.9 percent, an increase of 3.1 percentage points from the seasonally adjusted December reading of 47.8 percent, returning to expansion territory for the first time since July 2019. Although global trade remains a cross-industry issue, many respondents were positive for the first time in several months.



January non-manufacturing sector index rises 0.6 point to 55.5

The NMI® registered 55.5 percent, which is 0.6 percentage point higher than the seasonally adjusted December reading of 54.9 percent.  The respondents remain mostly positive about business conditions and the overall economy, but continue to have difficulty with labor resources.