ADP released their employment report, showing that there were only 106,000 job creations in the month of January, which was much weaker than the 175,000 expected. Looking at the sectors, Leisure and Hospitality led the gains once again. Construction and manufacturing accounted for 47,000 job losses. ADP also reported that annual pay for job stayers increased 7.3% year over year, unchanged from the previous report. Job changers saw an average increase of 15.4%, up from 15.2%. ADP said, “In January, we saw the impact of weather-related disruptions on employment during our reference week.” While ADP is blaming the number on poor weather in some parts of the country during the week of the 12th, when they collect data, we are reading this as a weak figure. It is winter, and there are supposed to be seasonal adjustments for this type of thing. Additionally, it’s been very mild in most of the country.