The ADP private payrolls survey gained 170,000 jobs in January, which was more modest than the 180,000 jobs expected by consensus and our forecast for 175,000 job gains. It also comes after December was downwardly revised to a still strong 292,000 jobs gains from 325,000 jobs reported initially. Not surprisingly, given the holiday season, services saw 152,000 jobs added to their rosters. Factories saw 10,000 job gains while the construction sector reported only 2,000 new jobs for January, despite the mild winter. The slightly weaker than expected January reading, together with a downward revision in December, may add to investor worries that the end of the year boost to the recovery won’t carry into the new year. We still expect 140,000 new jobs for the BLS nonfarm payrolls report, out on Friday.