ADP private payrolls crush expectations

ADP's reading on the growth of private payrolls in the US jumped well more than expected for the month of January.

The measure of private sector job growth increased by 246,000 for the month, well above the mark of 168,000 expected by economists. The measure grew by 153,000 in the prior month.

ADP is also an early indication of the strength of job growth in January before Friday's jobs report from the Bureau of Labor Statistics. That more comprehensive look is expected to grow by 175,000 payrolls in the month of January.