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ADP: U.S. Private Employment Growth Slows In January

It’s been a rough week for US economic data. With the exception of auto sales, which surged 13% in January, the numbers so far this week have been disappointing. This morning’s January release of the ADP Employment Report is hardly a washout, although it fell short of expectations. Nonetheless, private payrolls continued to expand above the 200,000-per-month mark in January. True, last month’s 213,000 gain is the lowest since last September. What’s more, today’s news follows updates in recent days of a hefty decline in consumer spending in December; a sharp slide in factory orders at 2014’s close; and a slower rate of growth in manufacturing via the ISM Index. It all looks rather worrisome, but it’s too soon to assume the…