Private Hiring Slows, But ADP Details Favorable For Soft Landing Crowd

US private sector employers added 107,000 jobs in January, ADP said Wednesday. That was far fewer than expected, and with the obvious caveat that it won't matter in the event NFP contradicts it on Friday, the release offered more evidence of a slowdown in the previously bulletproof US labor market. The range of estimates for the headline print was 80,000 to 179,000. 29 economists ventured a guess. If you look at the last four months (the last six months, really), the trend is pretty clear: