Private hiring slowed to its weakest level in 2 years, according to the ADP National Employment Report, with just 106,000 jobs added in January. In addition, the manufacturing sector continued to contract, with the ISM Manufacturing Survey for January dipping to 47.4.

Bitcoin (BTC) barely noticed the news, continuing to trade flat over the last 24 hours at just above $23,000. After a brutal 2022, the crypto has moved higher so far this year, in part as many are expecting a slowdown in the economy and inflation, and perhaps easier monetary policy from the U.S. Federal Reserve.

The ADP report of 106,000 jobs added was a slowdown from an upwardly revised 253,000 in December and well shy of economist forecasts for 180K. It was the weakest report since a negative print in January 2021. The ADP took note of weather-related disruptions (likely the California storms) during its survey reference week in the middle of the month.